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COVID-19 - News digest as of 2.06.2021

June 25/2021

1. NKNK revenue in the first quarter increased by 44%

MOSCOW (MRC) - The revenue of Nizhnekamskneftekhim (NKNKH) in January-March set a new record of 54.9 billion rubles, according to BUSINESS Online. The impressive results were achieved mainly due to the favorable situation on the world markets, and NKNK is forecast to have strong performance in the coming quarters already due to growing production amid recovery in demand for petrochemical products. After the "covid" 2020, a number of economic sectors headed "north", recovering from a forced pause. Of the leading Tatarstan enterprises, it is worth highlighting, first of all, petrochemists, whose affairs after last year"s fall are on the rise again. The revenue of the largest Russian manufacturer of synthetic rubbers Nizhnekamskneftekhim in the first quarter of 2020 increased by 44% to a record 54.9 billion rubles, follows from the statements of the joint-stock company.

2. US EPA to keep biofuel mandates steady in 2021-22 owing to COVID-19 pandemic

MOSCOW (MRC) -- The US Environmental Protection Agency"s biofuel blending mandates for this year and next are likely to be in line with those of 2020 as the agency accounts for weaker fuel demand since the onset of the coronavirus pandemic, reported Reuters with reference to three sources familiar with the matter. That would spare the US refining industry the added costs associated with the usual annual expansion in renewable volume obligations under the Renewable Fuel Standard, at the expense of biofuel producers and the corn industry which depend on regular increases to grow their businesses. The RFS requires refiners are meant to blend billions of gallons of biofuels like corn-based ethanol and biodiesel into their fuel, or buy tradable credits from those that do. The required amount of biofuels can increase each year, in hopes of reducing foreign petroleum imports and helping farmers.

3. Crude oil futures steady in Asia on infrastructure deal and outlook of moderate increase in supply

MOSCOW (MRC) -- Crude oil futures were steady during the mid-morning trade in Asia June 25 following a deal on the US infrastructure package, with the market expecting only a moderate increase in OPEC+ supply August onwards, reported S&P Global. At 11:00 am Singapore time (0300 GMT), the ICE August Brent futures contract was down 8 cents/b (0.11%) from the previous settle at USD75.48/b while the NYMEX August light sweet crude contract was down 6 cents/b (0.08%) at USD73.30/b. On June 24, US President Joe Biden announced that a bipartisan agreement has been reached on a USD973 billion infrastructure plan, which includes more than half a trillion dollars of new spending. The announcement led to higher risk appetite in the broader financial markets, with crude also benefiting from the bullish sentiment.
Author:Margaret Volkova
Tags:Asia, PP, PE, crude and gaz condensate, ethylene, medicine, petrochemistry, Nizhnekamskneftekhim, COVID-19, USA.
Category:General News
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