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MOSCOW (MRC) -- China’s Wanhua Chemical
posted a 49.56% decrease in net profits in the first half of the year, as sales
and prices both took a hit from the coronavirus pandemic, the company
said.
Slump in oil prices also dampened demand and prices of its
products.
Prices of pure methylene diphenyl diisocyanate (MDI), its major
product, decreased to CNY15,800-CNY18,700 in the first half year from
CNY23,700-CNY27,200 in the same period of 2019.
Prices of petrochemical
products the company makes also recorded a double-digit drop.
For the
second half year, the company said it would adjust its sales strategies more
actively based on market conditions.
The company targets to bring on
stream its 1m tonne/year cracker at Yantai later this year.
As MRC informed earlier,
ADNOC Logistics and Services (ADNOC L&S), a subsidiary of the Abu Dhabi
National Oil Company (ADNOC) had formed a shipping joint venture with
Wanhua Chemical Group. The new company, AW Shipping Limited, is
incorporated in Abu Dhabi Global Market (ADGM), a statement by ADNOC
said.
As MRC informed earlier,
in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for
maintenance.
Ethylene and propylene are feedstocks for producing
polyethylene (PE) and polypropylene (PP).
According to MRC's DataScope report, PE
imports to Russia dropped in January-June 2020 by 7% year on year to 328,000
tonnes. High density polyethylene (HDPE) accounted for the main decrease in
imports. At the same time, PP imports into Russia rose in the first six months
of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer
(homopolymer PP) accounted for the main increase in imports.
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