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COVID-19 - News digest as of 20.01.2021

January 20/2021

1. Petrobras has not signed Brazil antitrust body deferral for refinery sales

MOSCOW (MRC) - Brazilian oil producer Petroleo Brasileiro SA (Petrobras) has not signed an agreement with antitrust regulator Cade on additional commitments regarding refinery divestments, reported Reuters with reference to a securities filing, issued on Monday. Petrobras has been trying to sell refineries in one of the world's largest fuel markets for almost a decade and it relauched its plan under Chief Executive Officer Roberto Castello Branco, who took office in January 2019. The latest amendment, which it has not signed, would give the company more time to sign deals after the COVID-19 pandemic reduced demand for fuel and affected the valuation of the plants.

2. Petronas targets net zero emissions by 2050

MOSCOW (MRC) - Malaysian state-owned energy giant Petroliam Nasional Berhad, or Petronas, said it aims to become a net zero emitter of greenhouse gases by 2050 and also plans to increase its investments in renewable energy, reported Reuters. Burning of oil and gas accounts for the vast majority of the worlds carbon emissions, and many investors have pushed global oil majors to do more to combat climate change. Petronas, the worlds fourth-largest exporter of LNG, said it will intensify its efforts toward reducing the so-called Scope 1 and Scope 2 greenhouse gas emissions, referring to direct emissions from operations and the electricity used by the company.

3. Resurgence in COVID-19 cases slows oil demand rebound

MOSCOW (MRC) -- Oil demand recovery will take a hit from a spike in new coronavirus cases before vaccine roll-outs and stimulus measures help in the second half of the year, International Energy Agency (IEA) said, said Hydrocarbonprocessing. Border closures, social distancing measures and shutdowns...will continue to constrain fuel demand until vaccines are more widely distributed, most likely only by the second half of the year, it said in its monthly report. This recovery mainly reflects the impact of fiscal and monetary support packages as well as the effectiveness of steps to resolve the pandemic, the IEA said. The emergence of new strains of the virus, renewed lockdowns in China and logistical hurdles facing vaccine roll-outs contributed to the IEAs gloomier outlook. Noting that an improvement to global oil demand went into reverse in December, the Paris-based watchdog lowered its forecast for the first quarter by 580,000 barrels per day (bpd) and its outlook for 2021 by 300,000 bpd.

4. Oil markets watch the virus-vaccine tug-of-war

MOSCOW (MRC) -- As the race between humans and virus gathers pace, the oil markets can only watch this tug-of-war between rapidly spreading COVID-19 and a patchy vaccine deployment playing out, reported S&P Global. The world watched rather euphorically when governments began approving vaccines last month, but the persistent spread of the virus since has cast a shadow over the outlook for 2021, though most analysts are optimistic that humans will take the lead in this race in the second half of the year, if not earlier. Despite COVID-19's recent resurgence in several countries, analysts expect a recovery in oil demand and prices this year.

5. Petroperu to wrap up modernization of Talara refinery

MOSCOW (MRC) -- The Peruvian government authorized state-run Petroperu to issue up to USD1 billion in bonds to complete the modernisation of the country's largest refinery, a resolution from the Ministry of Economy said on Tuesday, said Hydrocarbonprocessing. The plan to modernise Talara, on the Pacific coast of northern Peru, is expected to cost a total of USD4.7 billion dollars and raise its processing capacity to 95,000 barrels of crude per day from the current 65,000 barrels. The debt issuance follows Petroperu's debut in the international debt markets in 2017, when it issued USD2 billion on bonds. The latest issuance will not be backed by the state, the ministry said on the website of the government newspaper El Peruano. The Talara modernization project was 87.11% in March last year and due for completion in the first half of 2021 when the coronavirus pandemic hit, resulting in the suspension of all industry for up to five months.
Author:Margaret Volkova
Tags:Asia, Europe, PP, PE, crude and gaz condensate, propylene, ethylene, medicine, petrochemistry, Petrobras, Petronas, COVID-19, Brazil, China, Malaysia, USA.
Category:General News
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