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COVID-19 - News digest as of 02.08.2021

August 02/2021

1. Valero Q2 operating income fell 72%

MOSCOW (MRC) -- Valero Energy Corp said its adjusted profit rose in the second quarter from the previous three-month period, as fuel consumption improved with the easing of coronavirus-related travel restrictions, said Hydrocarbonprocessing. Adjusted net income attributable to Valero stockholders was USD197 million, or 48 cents per share, for the three months ended June 30, compared with USD140 million, or 34 cents per share, in the prior quarter. Valero's Q2 operating income fell 72% year on year as sales growth was outpaced by an increase in total cost of sales.

2. Indian Oil Corp plans 100% crude processing within a quarter

MOSCOW (MRC) -- Indian Oil Corp (IOC) said it was operating its refineries at 90% capacity as diesel sales were yet to reach pre-COVID-19 levels, but it expects to ramp up refining to full capacity within a quarter as demand picks up, said Reuters. Indian state fuel retailers gasoline sales exceeded pre-pandemic levels in the first fortnight of July, as motorists took back to the roads after states eased COVID-19-related lockdowns. Even as a second wave of COVID-19 infections battered the country during April and May, this years lockdown restrictions were not as severe as compared to last year, with most states allowing some vehicular movement.

3. Top energy companies in Europe signalled confidence in a lasting recovery from the pandemic impact

MOSCOW (MRC) -- Europe's top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies, said Hydrocarbonprocessing. After swiftly cutting spending and jobs in response to the unprecedented collapse in energy demand last year, executives from Royal Dutch Shell, TotalEnergies and Norway's Equinor were eager to highlight the rapid reversal in fortunes. "We wanted to be really clear and signal to the market the confidence that we have in our prospects and our cash flows," Chief Executive Ben van Beurden said on Thursday, after Shell launched a $2 billion buyback programme and boosted its dividend for a second consecutive quarter, a year after cutting it for the first time since the 1940s.

4. India June crude imports dropped to their lowest level in eight months as virus dampens demand

MOSCOW (MRC) -- Indias crude oil imports in June dropped to their lowest level in eight months as refiners cut down processing in the face of a tumultuous second wave of the coronavirus, government data showed, said Reuters. Crude oil imports rose in June by 16.3% to 15.90 million tonnes from a year earlier, but dropped 7.8% from May, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed. Refiners reduced runs after the COVID-19 cases increased in April-May, which might have contributed to lower imports, said Refinitiv analyst Ehsan Ul Haq, adding that the nations vaccine programme is the key to future demand. If we dont see another wave, demand will recover significantly in the fourth quarter of this year."

5. TotalEnergies receives profit of USD2.21 bln in Q2 2021 versus loss of USD8.37 bln a year earlier

MOSCOW (MRC) -- French energy major TotalEnergies, formerly called as Total SA, reported that its net income attributable to the company for the second-quarter was USD2.21 billion or USD0.80 per share, compared to a loss of USD8.37 billion or USD3.27 per share in the prior year, according to NASDAQ. TotalEnergies reported USD3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment.

6. Crude oil futures down in Asia amid concerns over the resurgent spread of COVID-19

MOSCOW (MRC) -- Crude oil futures fell in mid-morning trade in Asia Aug. 2 amid concerns over the resurgent spread of COVID-19, after the weekend brought a slew of reports of rising cases in China and parts of Southeast Asia, reported S&P Global. At 10:55 am Singapore time (0255 GMT), the ICE October Brent futures contract was down USD1.08/b (1.43%) from the previous close at USD74.33/b, while the NYMEX September light sweet crude contract was 96 cents/b (1.30%) lower at USD72.99/b. China on Aug. 1 reported 75 new COVID-19 cases, up from 55 the day before and the country's highest daily total in months. Authorities are now scrambling to contain outbreaks of the delta variant in several tourism-heavy cities, including Hainan Island and Zhangjiajie in Hunan province.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, propylene, ethylene, medicine, petrochemistry, Indian Oil Corp, Total Petrochemicals, Valero, COVID-19, India, China, USA.
Category:General News
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