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COVID-19 - News digest as of 19.02.2021

February 20/2021

1. U.S. winter freeze hits global olefins market

MOSCOW (MRC) -- A winter storm has paralyzed U.S. petrochemical production and disrupted 15% of the global olefins market, as per Hydrocarbonprocessing. Unplanned US outages have combined with a strong consumption backdrop with the return of China from the Lunar New Year, seasonally higher demand patterns in Q2, and recovery in global demand moving through the evolution of the coronavirus pandemic. The stage is looking set for a period of tightness and volatility in global olefins balances and prices, according to Wood Mackenzie.

2. Stepan profits surge 40.4% YOY on cleaning products demand, insurance payment

MOSCOW (MRC) -- Stepan reports net income of USD30.9 million, up 40.4% year-on-year (YOY) on higher demand for cleaning products amid the COVID-19 pandemic and an insurance recovery related to a power outage in early 2020. Adjusted earnings of USD1.42/share was 29.1% higher YOY and beat the analysts consensus estimate of USD1.08, as reported by Refinitiv (New York), said Chemweek. Net sales increased 11.2% YOY, to USD494.7 million. Surfactant operating income was USD43.3 million versus USD33.9 million in the prior year. This increase was primarily attributable to an 8% increase in global sales volume as well as improved product and customer mix.  The sales volume growth was principally due to higher demand for cleaning, disinfection and personal wash products as a result of COVID-19.
Author:Anna Larionova
Tags:petroleum products, PVC, ftaleviy angidrid, EPVC, SPVC, neftegaz, Stepan Company, COVID-19.
Category:General News
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