London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

COVID-19 - News digest as of 24.09.2020

September 24/2020

1. LyondellBasell to cut Houston refinery staff by 10% on pandemic losses

MOSCOW (MRC) -- LyondellBasell Industries said on Tuesday that it plans to cut salaried staff at its Houston oil refinery because of losses during the COVID-19 pandemic, said Hydrocarbonprocessing. The company confirmed the contents of an email seen by Reuters, in which executive vice president Torkel Rhenman said Lyondell wants "a reduction of approximately 10% of the refinery population." Refiners have posted large losses this year as air and road travel have cratered amid widespread lockdowns and work-from-home policies to combat the spread of the coronavirus.

2. Canadian company Inter to sell European assets to raise money for its petrochemical unit in Alberta

MOSCOW (MRC) -- Canada"s Inter Pipeline Ltd said that it will sell a major portion of its European bulk liquid storage business to Spain-based CLH Group for 420 million pounds (USD537.73 million), said Hydrocarbonprocessing. Proceeds from the sale will be used to cut debt, improve the balance sheet and help with Inter"s spending plans, including on its Heartland Petrochemical Complex in Alberta, the company said. The pipeline operator had halted the sale in March, stating potential buyers of the business had been significantly affected by the COVID-19 pandemic and that it was not the right time to pursue a major pan-European transaction.

3. Crude oil prices rangebound after Libya"s NOC lifts force majeure

MOSCOW (MRC) -- Oil futures were caught in a range during the mid-morning trade in Asia Sept. 21, even as Libya"s state-owned National Oil Corp. lifted the force majeure on oil fields and ports on Sept.19, raising concerns of oversupply in a market plagued by demand uncertainty, reported S&P Global. At 11.15 am Singapore time (0315 GMT), ICE Brent November crude futures were trading at $43.19/b, up 0.04 cents/b (0.09%) from the Sept. 18 settle, while the NYMEX October light sweet crude contract was at $41.14/b, up 3 cents/b (0.07%). Libya"s NOC lifted the force majeure on oil fields and ports, excluding facilities where militants are still present, after the Libyan National Army"s leader Khalifa Haftar said on Sept.18 in a public broadcast that a blockade on oil exports, effective since Jan. 18, would be lifted immediately. The lifting of NOC"s force majeure could result in the return of up to 1.1 million b/d of crude oil that Libya had been pumping to the market before the blockade was imposed, marking a significant increase over the 100,000 b/d pumped during the blockade. The return of Libyan crude could add to the woes of the OPEC+ coalition, which has been struggling with non-compliance issues from members as it tapers its oil output cuts to 7.7 million b/d from August onwards, from the 9.7 million b/d cut mandated from May through July. While the OPEC+ meeting held on Sept. 17, during which Saudi energy minister Prince Abdulaziz bin Salman secured commitments from compliance laggards to compensate for their excess production, boosted market sentiment, traders are now concerned over the prospect of additional oil from Libya amid weak demand. "The market can ill afford more crude hitting the market," ANZ analysts said in a Sept. 21 note. They reasoned that "The resurgence in COVID-19 infections around the world has seen many governments halt the easing of restrictions".

4. Oil slides 4% as COVID resurgence, Libyan production restart rattle fundamentals

MOSCOW (MRC) -- Oil prices settled sharply lower Sept. 21 as the market eyed rising Libyan production and the prospect of more demand-destroying lockdowns on the horizon in Europe, reported S&P Global. NYMEX October WTI settled USD1.80/b lower at USD39.31/b and ICE November Brent finished trading down USD1.71 at USD41.44/b.A resurgence of COVID-19 coronavirus cases in Europe raised the specter of a return to lockdowns, sending US equity prices sharply lower and adding additional weight to an energy complex already under pressure from the prospect of rising supply.
Author:Margaret Volkova
Tags:Asia, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, LyondellBasell, COVID-19, Canada, USA.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe