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COVID-19 - News digest as of 19.08.2021

August 19/2021

1. South Korean and Chinese refiners snap up US Mars crude loading in September

MOSCOW (MRC) -- South Korean and Chinese refiners have snapped up at least 5 million barrels of US Mars crude loading in September, taking advantage of lower prices in recent weeks, reported Reuters with reference to industry sources. The purchases could lift in September the volume of US crude loading for Asia, up from a 4-year low in the previous month when strong US crude prices curbed exports, Refinitiv Eikon data showed. Other grades such as West Texas Intermediate (WTI) and West Texas Light (WTL) that regularly head east are also being booked for Asia, the sources said.

2. CTCI Beijing completes Zhangzhou EPC project

MOSCOW (MRC) -- CTCI Beijing, a CTCI subsidiary company, has completed the first phase of engineering, procurement, and construction (EPC) of a resin plant owned by Zhangzhou CHIMEI Chemical Company in Zhangzhou, China, according to Hydrocarbonprocessing. Having reached mechanical completion in May and begun commissioning in July, the first phase is slated to produce 450 kilo-tons per annum of acrylonitrile-butadiene-styrene (ABS) and acrylonitrile styrene (AS). Commercial operation will begin this September. TS Zhang, Chairman of CTCI Beijing, says, УThis project is another successful cooperation with CHIMEI since 2012. With this project delivered, we helped CHIMEI further consolidate its position in the Chinese market, realizing multiple goals including product line diversification, quality enhancement, and value adding, all so important given its stance as a global leading supplier of ABS. During execution of this project, CTCI Beijing managed to minimize the impact by COVID-19 pandemic and completed the task on time and to quality specifications. At the same time, we have reached a safety record of 6 million man-hours without lost-time injuries. CTCI is committed to delivering follow-up job items fulfilling the brand spirit of being the most reliable engineering services provider.Ф

3. China used crude oil stocks again in July despite slower growth in refining volumes

MOSCOW (MRC) --  China drew on crude oil inventories in July, marking the fourth consecutive month it has processed more crude that what was available from domestic output and imports, said Hydrocarbonprocessing. The call on inventories was smaller in July than in the previous two months, but this was more a reflection of weak refinery processing rates rather than any underlying boost to demand. China, the world's biggest oil importer, appears to have taken about 223,700 barrels per day (bpd) from reserves in July, according to calculations based on official data. The country doesn't disclose the volumes of crude flowing into strategic and commercial stockpiles. But an estimate can be made by deducting the total amount of crude available from imports and domestic output from the amount of crude processed. Refiners processed 59.06 million tonnes in July, a 14-month low and down from a record 60.82 million in June, according to data released on Monday by the National Bureau of Statistics.

4. Crude oil futures in Asia continue their downward trend amid US gasoline stock build, poor demand outlook

MOSCOW (MRC) -- Crude oil futures extended losses sustained overnight during mid-morning Asian trade Aug. 19, as concerns over the slowdown in oil demand intensified after US data showed a build in US gasoline stockpiles, while investors remained spooked by the delta variant spread, reported S&P Global. At 10:32 am Singapore time (0232 GMT), the ICE October Brent futures contract was down USD1.03/b (1.51%) from the previous close at USD67.18/b, while the NYMEX September light sweet crude contract fell USD1.07/b (1.63%) at USD64.39/b.
Author:Margaret Volkova
Tags:PS, ABS, akrilonitril, crude and gaz condensate, styrene, petrochemistry, COVID-19, China, USA, South Korea.
Category:General News
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