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COVID-19 - News digest as of 09.07.2021

July 09/2021

1. Louisiana Parish Council approves tax exemption for PBF Energy refinery project

MOSCOW (MRC) -- A Louisiana parish council has approved a property tax exemption for a project that a company official said could be the saviour of independent refiner PBF Energy and its Chalmette, Louisiana refinery, said Hydrocarbonprocessing. The exemption, approved late on Tuesday, will save PBF √џ¬91 million over 10 years in property taxes for a new renewable diesel unit, according to documents filed by PBF with the council of St. Bernard Parish on the east side of New Orleans. PBF wants to use the tax break to attract a partner for the conversion of an idled hydrocracker, which made diesel from gas oil, into a renewable diesel unit that will make the truck fuel from animal fats. "We see this project here not only as the saviour of the refinery but also the saviour of the company," said Chalmette refinery manager Steven Krynski, in remarks made before the council prior to the vote. Krynski said the company is $1.4 billion in debt from the downturn brought about by the COVID-19 pandemic in 2020, when lockdowns and work-from-home policies reduced demand for fuel. "Very few people realise how close we came to closing down last year not only as a refinery but as a company," Krynski said.

http://www.mrcplast.com/news-news_open-390250.html

2. Hyundai Oilbank plans IPO in 2022 in a move to take full advantage of domestic demand recovery and strong refining margins

MOSCOW (MRC) -- South Korean oil refiner Hyundai Oilbank plans to list its shares on the country's main bourse next year as the fuel producer aims to take full advantage of the country's upbeat oil demand recovery outlook and strong refining margins, while favorable capital market conditions amid low interest rates bode well for raising funds, reported S&P Global. Hyundai Oilbank's board members have approved a plan to push for an initial public offering, or IPO, some time in 2022, a company official told S&P Global. Hyundai Oilbank is owned 74.13% by Hyundai Heavy Industries Holdings that runs South Korea's top shipbuilder Hyundai Heavy Industries, while Saudi Aramco holds a 17% stake as the second-biggest shareholder.

http://www.mrcplast.com/news-news_open-389582.html

3. ACC Chemical Activity Barometer up in June by 19.5% YOY

MOSCOW (MRC) -- The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC), rose by 0.8% in June on a three-month moving average (3MMA) basis following a 1.3% gain in May. On a year-over-year (YOY) basis, the barometer rose 19.5% in June (3MMA), as the year-ago period was hit hard by COVID-19 shutdowns, according to Chemical Engineering with reference to ACC's statement. The unadjusted data show a 0.1% decline in June, primarily due to weakness in equities, following a 1.3% gain in May. The diffusion index reached 85% in June. The diffusion index marks the number of positive contributors relative to the total number of indicators monitored. The CAB reading for May was revised upward by 0.73 points and that for April was revised upward by 0.35 points. The June data are provisional and subject to revision.

http://www.mrcplast.com/news-news_open-389833.html


mrcplast.com
Author:Margaret Volkova
Tags:Asia, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, packaging, Hyundai Petrochemical, COVID-19, USA, South Korea.
Category:General News
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