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1. Viva Energy warns it may shut refinery on demand plunge
MOSCOW
(MRC) -- Australia�s Viva Energy Group announced it may be able to resume full
output at its Victorian refinery if coronavirus lockdown curbs are eased, but
warned a full shutdown is still in the cards given the dire long-term outlook
for the industry, said Hydrocarbonprocessing. A virus-driven demand slump has
battered Australia�s oil refiners and sparked threats of closures, prompting the
government to launch talks with the industry on how to shore up the sector.
Viva, which has already reduced production at its Geelong refinery, said if
COVID-19 restrictions are relaxed as foreshadowed and fuel demand recovers, the
refinery could return to full production in November 2020.
http://www.mrcplast.com/news-news_open-376118.html
2.
AkzoNobel sees stable revenue in third quarter
MOSCOW (MRC) -- AkzoNobel
has provided an update on its business performance and says that market
headwinds have continued to ease during recent months, said Chemweek. Based on
current trading, the company expects total revenue for the third quarter to be
close to the level in the same period of the previous year in constant
currencies. Details about profit expectations have not been provided. The
company says that since the situation with COVID-19 is still evolving, trends
differ per region and segment. However, end-market demand for decorative paints
is strong in Europe and South America, and continues to improve for performance
coatings, it says.
http://www.mrcplast.com/news-news_open-376193.html
3.
Vietnam importers offer sales bonus to cut diesel inventory as virus slashes
demand
MOSCOW (MRC) -- Vietnam oil importers are offering domestic
retailers a commission on diesel sales, in an unusual tactic to clear high
inventories built up as the coronavirus pandemic has slashed demand, according
to two sources, said Hydrocarbonprocessing. The move underscores difficulties
they face in moving the industrial fuel in emerging economies such as Vietnam
which has posted the lowest second-quarter economic growth in decades. �Diesel
demand is almost dead because it has been strongly disrupted in industrial
factories where activity has been killed by COVID-19,� a Vietnam-based oil
industry source said.
http://www.mrcplast.com/news-news_open-376119.html
4.
BASF to build medical center at Ludwigshafen, scraps plans for new office
building
MOSCOW (MRC) -- BASF says it is continuing the modernization and
expansion of its Ludwigshafen, Germany, complex with construction of a medical
center focused on occupational medicine, according to Chemweek. Work on the new
building will begin in early 2021 with completion scheduled for mid-2023, the
company says. Meanwhile, due to the economic environment caused by COVID-19,
BASF has examined all planned construction projects and decided no longer to
pursue a project to construct a new office building at Gate 2 of the site, on
the plot of what used to be the Friedrich-Engelhorn skyscraper, it
says.
http://www.mrcplast.com/news-news_open-376183.html
5.
Oil prices reverse some losses but demand concerns persist
MOSCOW (MRC)
-- Oil futures clawed back some of the losses they sustained in the previous
session, but a rebound in COVID-19 cases in some countries undermined hopes for
a steady recovery in global demand, reported Reuters. Brent crude LCOc1 was up
29 cents, or 0.7%, at USD40.07 a barrel by 1339 GMT after dropping more than 5%
on Tuesday to fall below USD40 a barrel for the first time since June. US crude
CLc1 was up 57 cents, or 1.6%, at USD37.33 a barrel, having fallen nearly 8% in
the previous session. Both major oil benchmarks are trading close to three-month
lows.
http://www.mrcplast.com/news-news_open-376168.html |
