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COVID-19 - News digest as of 02.12.2020

December 02/2020

1. ExxonMobil to write off as much as USD20bn in assets; cuts capex

MOSCOW (MRC) -- ExxonMobil plans to write down as much as USD20bn in assets and cut its 2021 capital expenditures (capex) to USD16bn-19bn as it prioritizes investments in chemical performance products in the near term, said Chemweek. Annual capex thereafter until 2025 will be USD20bn-25bn, down from the companys original budget of USD30bn-35bn. ExxonMobil is also eyeing a 15% cut in its global workforce by the end of next year to cut expenses amid the demand slump caused by the coronavirus pandemic and a low-oil price environment. The asset write-off would include certain dry gas resources in the Appalachian and Rocky Mountains, Oklahoma, Texas, Louisiana and Arkansas in the US, and in western Canada and Argentina.

2. PKN Orlen plans major expansion of petchems, renewables

MOSCOW (MRC) -- PKN Orlen (Plock, Poland) will invest an average of 4.4 billion zloty (USD1.2 billion) per year between 2021 and 2030 on a major expansion of its integrated petrochemicals business and the creation of a plastics recycling division as part of an enhanced strategic focus on petchems and renewables over the next 10 years, according to Chemweek. By 2030 it will have an annual petchems output of approximately 15 million metric tons, and be an active player in plastics recycling with 300,000-400,000 metric tons/year of installed capacity, PKN Orlen says. The strategic expansion is forecast to increase its petchems EBITDA from Zl 2.3 billion in 2019 to approximately Zl 7.0 billion by 2030, according to the company. We are set to become one of Europes largest integrated petrochemical producers and expand our recycling business, it says.

3. Repurposing used plastic into road infrastructure could take all waste PET of U.S.

MOSCOW (MRC) -- The founder of a company that worked for years to research ways to repurpose plastic waste into roads and develop a product said that if its composite asphalt pavement use were to extend beyond parts of Los Angeles across the U.S., it could eventually use up all the waste PET in the country, said Hydrocarbonprocessing. The product is an asphalt mix technology already put to use in California that may not just cut plastic waste in the U.S., a pressing need after China banned such imports in 2018, but also yield strong, flexible pavement while improving roads and helping cut carbon emissions in the process. The product has already proved viable, and there are several projects ahead, said Sean Weaver, TechniSoil Industrial president.

4. Neste to permanently close refinery ops in Naantali, Finland by the end of March 2021

MOSCOW (MRC) -- Finnish renewable diesel producer Neste has announced plans to close its refinery operations in Naantali, Finland, as the demand for fossil oil products drops, said the company. In September, the company revealed plans to restructure its refinery operations in Porvoo and Naantali to enhance the competitiveness of the oil products business. Neste has now has decided to shut down its Naantali operations by the end of March next year. following the finalisation of the co-operation negotiations. According to the company, the COVID-19 pandemic has accelerated the fall in demand for oil products and is not expected to recover to previous levels. It will now focus on the terminal and harbour operations at the Naantali refinery and will also renew its operating model for its oil products.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, PET-granulate, neftegaz, petrochemistry, PET bottles, PET films, PET preforms, Exxon Mobil, Neste oil, PKN Orlen.
Category:General News
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