London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

Spainish Cepsa expects COVID-19 to keep squeezing oil refining margins

March 09/2021

MOSCOW (MRC) -- Spanish oil company Cepsa said it expects the coronavirus pandemic to keep downward pressure on its refining margins and demand for refined products in Europe in the next few months, reported Reuters.

The profit it makes per barrel of oil rebounded to USD2.40 in the fourth quarter of 2020 from USD0.50 in the third, but was still more than 35% lower than in the same period of the previous year.

The Madrid-based company, which is owned by Abu Dhabi state fund Mubadala and private equity firm Carlyle, said it ended 2020 with positive free cash flow and would set out a plan to address a global shift to lower-carbon fuels in the coming months.

"The COVID-19 pandemic also acted as a catalyst for the energy transition," Chief Executive Philippe Boisseau said in a statement.

As MRC wrote before, in December 2020, driven by a shared vision of sustainability and strong collaboration, DSM, SABIC, Cepsa, Fibrant, and Viscofan together created a multi-barrier casing for meat products made via advanced recycling of post-consumer plastics.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020). Supply of exclusively PP random copolymer increased.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, petrochemistry, recikling, packaging, barrier film, Cepsa, Dow, DSM, Sabic, Spain, Russia.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe