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

Our Clients

Order Informer

Home > News >

COVID-19 - News digest as of 29.03.2021

March 29/2021

1. Repsol bids for EU pandemic recovery funds to develop biofuels

MOSCOW (MRC) -- Spain"s Repsol is seeking European pandemic recovery funds to support projects including new biofuel plants and "green" hydrogen production made from renewable sources in a pivot away from oil and gas to supplying low-carbon energy, according to Hydrocarbonprocessing. Spain and Italy, due the biggest chunks of Europe"s EUR750 billion (USD884 billion) lifeline in recognition of the damage the pandemic caused their economies, have invited companies to propose projects that could help wean their economies off carbon.

2. Sinopec 2020 net profit falls 42% on a weaker demand due pandemic

MOSCOW (MRC) -- Sinopec posted a 42.4% decline in net profit last year as the coronavirus pandemic hit demand and caused sharp falls in petrochemical prices, said Reuters. China Petroleum & Chemical Corp, better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided. Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China and construction of liquefied natural gas (LNG) terminals in coastal areas, up from 56.4 billion yuan last year. The company on Sunday also reported a 42.9% drop in net profit to 32.92 billion yuan last year, the lowest since 2015, as the pandemic dented fuel consumption amid months-long lockdowns.

3. Oil jumps about 6% after ship grounding in the Suez Canal

MOSCOW (MRC) -- Crude oil prices rose about 6% last Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the previous week, reported Reuters. The crude benchmarks, US crude and London-based Brent, added to gains after US inventory figures showed a further rebound in refining activity, suggesting US refiners are mostly recovered from the cold snap that slammed Texas in February. Brent crude settled at USD64.41 a barrel, gaining USD3.62, or 6%, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) settled at USD61.18 a barrel, rising USD3.42, or 5.9%, having lost 6.2% on Tuesday.
Author:Margaret Volkova
Tags:Near East, Europe, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Repsol, Sinopec, COVID-19, Spain, China, USA.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe