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COVID-19 - News digest as of 30.09.2020

September 30/2020

1. China oil hub urges refiners to make payments to government risk fund

MOSCOW (MRC) -- The tax office in China�s Shandong province has urged refiners in the oil hub to make payments to a government risk reserve fund to cover periods when oil prices fell below USD40 a barrel this year, in line with government policy, said Hydrocarbonprocesing. Global oil prices held below that level for more than three months and the payments due are estimated to be in the billions of yuan. Beijing set a policy in 2016 that required refiners to pay their profit margins to the central government fund whenever crude fell below USD40 a barrel, which is the floor price for retail gasoline and diesel.

2. U.S. refiners bringing diesel stocks under control

MOSCOW (MRC) -- U.S. oil refiners are starting to make progress towards eliminating excess stocks of middle distillates by restraining crude processing and switching equipment to maximize gasoline production, said Hydrocarbonprocessing. U.S. distillate fuel oil inventories stood at 176 MM barrels at the end of last week, which was 37 million barrels or 21% above the five-year seasonal average. In absolute terms, stocks are unchanged from early June, when they were also 176 MM barrels. But the surplus over the five-year average has shrunk from 42 MM barrels, or 29%. Refiners have stabilized bloated distillate stocks over the summer and into early autumn, a time when they would normally be rising, accumulated as a by-product of driving-season gasoline production plans.

3. Shell to cut 9,000 jobs in restructuring, plans to grow chemicals business

MOSCOW (MRC) -- Shell says it will cut up to 9,000 jobs worldwide as part of a major restructuring that will enable cost savings of USD2.0�2.5 billion per year by 2022, while outlining plans to grow its chemicals business and further integrate it with a more streamlined downstream refining business, said Chemweek. Shell�s CEO Ben van Beurden outlined the restructuring today as part of the company�s ongoing response to the challenge of dealing with the impact of COVID-19 and the slump in oil demand, as well as its longer-term stated goal of achieving net-zero carbon emissions by 2050. Shell says it will reduce its refining footprint to less than 10 sites, keeping those that have �flexibility to adapt and further integrate with the growing chemicals and trading businesses."
Author:Anna Larionova
Tags:bioplastics, petroleum products, crude oil, biodizel, neftegaz, petrochemistry, Shell, COVID-19, sustainable development.
Category:General News
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