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COVID-19 - News digest as of 24.06.2021

June 24/2021

1. Manufacturing industry in Canada continues to lose millions because of border issues due Covid-19

MOSCOW (MRC) -- The survey was conducted by the Canadian Tooling & Machining Association (CTMA), in partnership with the Canadian Association of Moldmakers, (CAMM), Automate Canada, and the Niagara Industrial Association (NIA), said Canplastics. It was the second conducted by the groups to measure the effects of border closures due to the COVID-19 pandemic within the manufacturing industry. This updated study, which received 91 responses, was to compare the results to the previous survey about common border crossing issues that have been experienced by those in the industry, who have identified that many of their businesses rely on travel between the U.S. and Canada. The first survey was taken in December 2020.

2. MOL updates strategy of transition towards a sustainable future

MOSCOW (MRC) -- The MOL transformation story began in 2016 when it was one of the first within the oil and gas sector to admit that there were gloomy days ahead and that it was essential to begin the transformation. To plot out the path to a low-carbon future, the company published MOL Group 2030+. Five years after the launch of that transformation plan, the Hungarian energy company has revised its goals with an updated strategy, according to Hydrocarbonprocessing. "Five years ago, we recognized that the role of oil and gas companies was going to change significantly," Gabriel Szabo, Group Downstream Executive Vice President, MOL, says. "That is the rationale behind the energy transformation that most oil and gas companies are going through. The critical aspect of this transformation is timing. There is a clear business case behind all the new business models we are targeting, but they are heavily dependent on technology and innovation. However, in many instances, these technologies are still not proven at production volumes."

3. Australian parliament approves USD1.8 bln subsidies to keep struggling oil refineries open

MOSCOW (MRC) -- Australias parliament has approved plans to pay Viva Energy Ltd and Ampol Ltd up to AD2.3 billion (USD1.8 billion) to keep their struggling oil refineries open to protect the countrys fuel security, reported Reuters with reference to Energy Minister Angus Taylor's statement. Under the plan announced in May the government agreed to top up earnings at Australias two remaining refineries when refining margins are weak through 2027, with an option to extend to 2030. It also agreed to provide up to AD125 million each to Ampol and Viva to upgrade their refineries to produce ultra-low sulphur petrol by end-2024. Payments to the refineries will begin from July 1, the government said.

4. Neste completes overhaul at its Porvoo refinery

MOSCOW (MRC) -- The scheduled maintenance i.e. the major turnaround at Nestes Porvoo refinery in Finland is now successfully completed and production has started at the refinery, as per the company's press release. The major turnaround is a significant investment to secure safety, availability and competitiveness of the refinery. The total investment of the Porvoo refinery major turnaround was approximately EUR630 million, of which approximately EUR 330 million was realized in the major turnaround in 2021. In 2020, only the most critical maintenance work was executed at the refinery as the corona pandemic delayed the turnaround by a year.

5. Crude oil futures steady in Asia as EIA reports stock draw in line with API

MOSCOW (MRC) -- Crude oil futures were steady during the mid-morning trade in Asia June 24 on unchanged fundamentals, with the US Energy Information Administration's report of a draw in US crude inventories coming in line with earlier data released by the American Petroleum Institute, reported S&P Global. At 10:14 am Singapore time (0214 GMT), the ICE August Brent futures contract was down 4 cents/b (0.05%) from the previous settle at USD75.15/b while the NYMEX August light sweet crude contract was down 3 cents/b (0.04%) at USD73.05/b. EIA data released late June 23 showed US crude inventories falling by 7.61 million barrels to 459.06 million barrels in the week ended June 18. The draw, however, did not spur a rally during Asian trading, as it offered little new information, merely corroborating the American Petroleum Institute's earlier report of a 7.2 million-barrel draw.
Author:Margaret Volkova
Tags:Asia, Europe, PP, PE, crude and gaz condensate, petrochemistry, MOL Group, Neste oil, TVK, COVID-19, Canada, USA.
Category:General News
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