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COVID-19 - News digest as of 28.09.2020

September 28/2020

1. Crude, product prices diverge as market eyes US stimulus, European COVID-19 situation

MOSCOW (MRC) -- Crude prices were holding lower in midday US trading Sept. 25 as the market eyed rising COVID-19 cases in Europe as well as fresh hopes for more US stimulus spending, said S&P Global. In Europe, resurgence of the coronavirus is prompting governments to reintroduce new restrictions on movement. Around 40% of Madrid"s intensive care capacity is now taken up by people suffering from the virus, while on Sept. 24 France, the UK and Spain reported 16,096, 6,634 and 2,321 new cases, respectively -- the highest totals for those countries since spring.

2. Oil tankers face new normal amid pandemic and decarbonization drive

MOSCOW (MRC) -- The global tanker shipping industry is likely to find a new normal in the medium term, with sales of second-hand ships taking center stage while orders for newbuilds slow down, said S&P Global. Meanwhile, existing tanker companies may become bigger as ships change hands, or they may form pools to enable better bargaining with charterers, while shying away from ordering new ships. Uncertainties over how and when the coronavirus pandemic will end are partly behind the new approach, but so is the higher use of greener fuels. The global health crisis hit when the shipping industry was already in the throes of a major transition to a low-sulfur fuel regime, and starting to plan for its eventual decarbonzation.

3. Oil steady as market eyes coronavirus hit to demand

MOSCOW (MRC) -- Oil prices were little changed on Friday but on track for a weekly fall on concerns that a global resurgence of COVID-19 infections will constrain fuel demand, while the likely return of exports from Libya will add to supply, reported Reuters. Brent crude was down 2 cents at USD41.92 a barrel by 0113 GMT, while US West Texas Intermediate (WTI) crude was 3 cents firmer at USD40.34. Brent is heading for a drop of nearly 3% this week, while U.S. crude is on track for a decline of almost 2%. Both benchmarks are also on track for a monthly decline, which would be the first for Brent in six months.

4. Styrolution, AmSty partner to build PS recycling plant in Channahon, Illinois

MOSCOW (MRC) -- Styrolution, the styrenics subsidiary of Ineos, and Americas Styrenics (AmSty) say they plan to build jointly a 100-metric ton/day polystyrene (PS) recycling facility in Channahon, Illinois, using chemical recycling technology from Agilyx to produce styrene monomer, said Chemweek. The new plant will be the largest of its type in the world, according to Agilyx CEO Tim Stedman. Engineering design for the facility is under way, ahead of the construction and commissioning phases, the companies say. Plans for the plant were first revealed by Styrolution and Agilyx in December. AmSty and Agilyx formed a joint venture (JV) in 2018 to advance the development of a similar facility in Tigard, Oregon, using Agilyx�s pyrolysis technology. The Channahon facility will be engineered on a larger-scale, they say.

5. ECHA committees support EU-wide restriction of skin-sensitizing substances

MOSCOW (MRC) -- The European Chemicals Agency (ECHA; Helsinki, Finland) says that its Committee for Socio-economic Analysis (SEAC) supports France and Sweden�s proposal to restrict the use of skin-sensitizing substances in textile, leather, synthetic leather, hide, and fur articles that are placed on the market for the first time, said Chemweek. SEAC�s decision follows an opinion by ECHA�s Committee for Risk Assessment (RAC) in March, the agency says. The opinions of the committees as well as the proposal of France and Sweden will be sent to the European Commission, which will take a decision together with the EU member states, ECHA says.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, medical supplies, Medicine, neftegaz, petrochemistry, COVID-19.
Category:General News
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