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COVID-19 - News digest as of 28.07.2021

July 28/2021

1.Finnish Neste forecasts lower sales and profit for Q3 on higher feedstock, oil prices

MOSCOW (MRC) -- Finnish energy company Neste warned of a drop in sales and profit for the third quarter as it deals with higher feedstock and crude oil prices as well as planned refinery maintenance, sending its shares down more than 5%, reported Reuters. Major sources of biofuel feedstock such as waste and residue have seen a steady increase in prices, given the growing emphasis on renewable energy globally. A rise in crude oil prices due to production cuts by the OPEC+ countries and recovering demand driven by the vaccine rollouts is also expected to weigh on its refining business. The company, however, reported a rise in second-quarter operating profit, which rose to EUR463 million (USD546.2 million) from EUR208 million a year ago on gains in inventory valuations.

2. China crackdown along with impact of high crue prices could make oil imports sink to 20-year low

MOSCOW (MRC) -- Beijing's crackdown on the misuse of import quotas combined with the impact of high crude prices could see China's growth in oil imports sink to the lowest in two decades in 2021, despite an expected rise in refining rates in the second half, reported Reuters. Shipments into the world's top crude importer and No. 2 refiner could be steady, or increase by up to 2% to just over 11 million barrels per day (bpd) this year, consultancies Energy Aspects, Rystad Energy and Independent Commodity Intelligence Services (ICIS) found.
Author:Anna Larionova
Tags:petroleum products, crude oil, Neste oil, COVID-19, China, Finland.
Category:General News
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