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COVID-19 - News digest as of 23.03.2021

March 23/2021

1. Demand for crude oil will rise, despite emphasis on renewables

MOSCOW (MRC) -- Oil demand is expected to increase over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, reported Reuters with reference to Hess Corp Chief Executive John Hess' statement at CERAWeek. At the biggest gathering of top energy leaders, investors and politicians from around the globe, climate change and renewable fuels are taking center stage this year with oil companies trying to reorient their portfolios as the fossil fuel industry reels from the coronavirus pandemic, which destroyed fuel demand and caused the loss of thousands of jobs.

2. Saudi Aramco 2020 net income falls 44%

MOSCOW (MRC) -- Saudi Arabian state oil giant Aramco said on Sunday it expects to cut capital expenditure after it reported a 44.4% slump in 2020 net profit, hit by lower crude oil prices and sales as the coronavirus pandemic depressed demand, said the company. The company lowered its guidance for spending to around USD35 billion from a range of USD40 billion to USD45 billion previously, according to a disclosure to the Tadawul bourse. Net profit fell to 183.76 billion riyals (USD49.00 billion) for the year that ended December 31, from 330.69 billion riyals a year earlier.

3. Over 80% of US polyolefins capacity was downed by the winter storm

MOSCOW (MRC) -- In line with US olefins capacity, over 80% of US polyolefins capacity was downed by the recent winter storm, said Hydrocarbonprocessing. There remains a considerable amount of capacity offline or in the early stages of restarting a full month later. This is partly due to the limited feedstock availability for olefins monomer, comonomer, and additives in the region. Analysis shows that US polyethylene and polypropylene operating rates fell 33% and 36%, respectively, in February. These outages coincide with domestic consumption that has remained robust through Q1 2021, sending inventory levels of both polyethylene and polypropylene into a sharp decline.

4. U.S. jet fuel consumption fell significantly in 2020

MOSCOW (MRC) -- U.S. air travel fell significantly in 2020 because of reduced travel in response to the worldwide COVID-19 pandemic, said Hydrocarbonprocessing. The U.S. Energy Information Administration (EIA) projects total U.S. passenger air travel demand will return to 2019 levels by 2025, but passenger travel jet fuel consumption will not return to 2019 levels until nearly 2030. Increasing air travel efficiency means that increasing air travel does not necessarily result in similar changes in jet fuel consumption.

5. OMV and BASF strengthen their cooperation by commissioning new plant in Germany

MOSCOW (MRC) -- The collaboration between BASF, the worlds largest chemical company, and OMV, the international, integrated oil, gas and chemical company headquartered in Vienna, has reached a new milestone with the commissioning of OMV's new isobutene (ISO C4) plant at the Burghausen site, according to Hydrocarbonprocessing. The ISO C4 plant is based on technology developed jointly by the two companies. The plants production capacity is 60,000 t/a. The plants exceptional energy efficiency saves 20,000 metric tons of CO2 emissions per year. Up to 80% of the heating energy required for the new process can be met by thermal discharge from an existing associated facility thanks to a heat integration approach.
Author:Margaret Volkova
Tags:Europe, PP, PE, crude and gaz condensate, medicine, petrochemistry, recikling, adhesives, BASF, OMV, Saudi Aramco, COVID-19, Austria, Saudi Arabia, USA.
Category:General News
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