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MOSCOW (MRC) -- Canada's Imperial Oil ,
one of the country's biggest crude producers and refiners, said that it would
raise capital spending and production next year as a volatile recovery of energy
demand continues, reported Reuters.
Chief Executive Brad Corson
said at the company’s virtual investor day presentation that a recovery in
global energy demand looked to be “highly uncertain” and dependent on the spread
of COVID-19. Pandemic travel restrictions have crushed fuel demand, depressing
oil prices and forcing producers to cut costs and jobs.
Imperial plans to
spend CD1.2 billion (USD917.01 million) in 2021, up 33% from 2020. Upstream
production looks to rise 5% to 415,000 barrels of oil equivalent per
day.
The company, majority owned by US oil major Exxon Mobil Corp, said
it would also aim to reduce greenhouse gas emissions intensity, a measure of
pollution per barrel, by 10% by the end of 2023 from 2016
levels.
Imperial said it has already cut emissions intensity by more than
20% since 2013 and will achieve further reductions by improving productivity at
its Kearl site and adopting new technologies.
As MRC wrote
previously, in July 2020, Imperial Oil said delayed turnarounds at its
120,000 b/d Sarnia, Ontario, refinery and one of three cokers at the Syncrude
facility in Western Canada from the second quarter to the third quarter as it
continues to assess the impact of the coronavirus on its
operations.
Ethylene and propylene are feedstocks for producing
polyethylene (PE) and polypropylene (PP).
ccording to MRC's ScanPlast report,
Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine
months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE)
shipments increased. At the same time, PP shipments to the Russian market
reached 880,130 tonnes in the nine months of 2020 (calculated using the formula:
production minus exports plus imports, exluding producers' inventories as of 1
January, 2020). Supply increased exclusively of PP random copolymer. |
