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COVID-19 - News digest as of 03.08.2021

August 03/2021

1. Italian Eni increases near-term crude oil price outlook as market recovery powers strong Q2 earnings

MOSCOW (MRC) -- Italy's Eni raised its near-term oil price outlook July 30 as the market rebound fueled strong second quarter earnings despite lower production volumes and negative refining margins, reported S&P Global. Eni said it is now assuming a near-term Brent price of USD65/b, up from USD60/b previously, to reflect a firming oil market scenario which helped its adjusted earnings more than treble from the previous quarter. Hydrocarbon production in the second quarter slipped 5% on the year to average 1.6 million boe/d due to higher maintenance activity in Norway, Italy and the UK, lower activity in Nigeria and mature fields declines. In the first half, start-ups and ramp-ups added 50,000 boe/d mainly due to the Merakes gas field in Indonesia, Berkine in Algeria, Agogo in Angola, and the Mahani gas project in the UAE's Sharjah Emirate.

2. SIBUR-Neftekhim to become one of the leaders in efficiency among similar enterprises by 2025

MOSCOW (MRC) -- A strategy has been developed at Dzerzhinsk SIBUR-Neftekhim, part of SIBUR, the largest petrochemical holding in Russia and Eastern Europe, which will allow the plant to become one of the leaders in terms of efficiency by 2025, said Business News, citing the statement of the new head of the plant, Dmitry Vladimirov, who headed the enterprise in March 2021. УThe pool of tasks facing the plant really looks like a challenge to us. On the one hand, productivity growth, on the other, - a decrease in environmental metrics for emissions. How can these goals be achieved? First of all, through the use of the best available technologies ", - said the general director of the plant at a meeting with journalists, summing up the first results of the work and talking about plans for further development.

3. Crude oil futures edge higher on bargain hunting following overnight slide

MOSCOW (MRC) -- Crude oil futures ticked slightly higher during mid-morning trade in Asia Aug. 3 as investors sought to take advantage of lower prices following an overnight plunge, with a weaker US dollar providing further impetus to buy, reported S&P Global. At 10:43 am Singapore time (0243 GMT), the ICE October Brent futures contract was up 9 cents/b (0.12%) from the previous close at USD72.98/b. September light sweet crude contract was 13 cents/b (0.18%) higher at USD71.39/b. The front-month ICE Brent and NYMEX light sweet crude markers had fallen 3.34% and 3.63% respectively on Aug. 2, as coronavirus fears tightened their grip on the market.
Author:Margaret Volkova
Tags:Asia, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Sibur Holding, Eni, Sibur-Neftekhim, COVID-19, Italy, Russia, USA.
Category:General News
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