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COVID-19 - News digest as of 19.10.2020

October 19/2020

1. SABIC Specialties business on track to establish stand-alone operations

MOSCOW (MRC) -- SABIC has confirmed that the establishment of its Specialties strategic business unit (SBU), as a separate, stand-alone business, which will remain owned by SABIC, is on track, as per the company's press release. While SABIC continues to monitor the business impacts of COVID-19, at this time, it anticipates that the timing of the go-live for the stand-alone operations of the group of companies embedding its Specialties strategic business unit (SBU) will be November 1, 2020. The establishment of the stand-alone model for the Specialties SBU will bring additional value to its customers who depend on the Specialties business for its innovation expertise and highly differentiated ULTEM and NORYL resins, LNP compounds and copolymers.

2. BP may cut oil supply to Caribbean refinery if it stays idle

MOSCOW (MRC) -- The problem-plagued Limetree Bay refinery in St. Croix, Virgin Islands, may lose its main supplier of crude, oil major BP, if it isnt successfully up and running by December, reported Reuters with reference to two people familiar with the matter. The Caribbean refinerys owner, Limetree Bay Ventures, has spent at least USD2.7 billion restoring the facility, initially hoping to tap rising demand for low-sulfur fuels and markets in Latin American and Caribbean. But the plants restart date has been delayed by nearly a year now. BP Plc BP.L invested in the plant with an agreement to supply its crude and market the fuels produced in anticipation of a late 2019 startup. BP can terminate that contract if the plant cannot reach a certain production target by year-end, the people said, threatening the future of the largest new refining capacity in the Americas. Limetree owners EIG Global Energy Partners and Arclight Capital Partners embarked on the overhaul in expectation of a surge in demand for marine fuels that comply with new maritime rules for low sulfur content. BPs investment was to be repaid from product sales. The goal was to have the refinery produce as much as 210,000 barrels per day (bpd)of refined product, but the COVID-19 pandemic has crushed refining margins for fuels across the globe.

3. Portugaese Galp halts fuel production at Matosinhos refinery

MOSCOW (MRC) -- Portugals Galp Energia temporarily suspended fuel production at its smallest oil refinery at Matosinhos due to unstable national and international markets shaken by the coronavirus pandemic, according to Hydrocarboprocessing with reference to a Galp spokesman's statement. Supply of the national market is guaranteed to remain, with an adequate level of products to satisfy the needs of the Portuguese, companies and industrial units, he said in a statement. Galp said that although the suspension had no end date as yet, no workers would be laid off.

4. Crude oil futures tick up on bullish API data, refinery activity

MOSCOW (MRC) -- Crude oil futures ticked higher during mid-morning Asian trade Oct. 15, as positive data from the American Petroleum Institute and an increase in China's and India's refinery activities stoked bullish market sentiment despite tightening coronavirus restrictions, reported S&P Global. At 10.45 am Singapore time (0245 GMT), ICE Brent December crude futures were up 6 cents/b (0.14%) from the Oct. 14 settle to USD43.38/b, while the NYMEX November light sweet crude contract was up 4 cents/b (0.10%) at $41.08/b. Both international crude markets had jumped 2.05% and 2.09% to settle at USD43.32/b and USD41.04/b, respectively, on Oct. 14.
Author:Margaret Volkova
Tags:parafin neftyanoy tverdiy, copolymer, compounding, petrochemistry, BP Plc, Sabic, COVID-19, Asia, Portugal, USA.
Category:General News
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