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BP expects to hit USD35 bn net debt target in Q1

April 06/2021

MOSCOW (MRC) -- BP said it expected to hit its USD35 bn net debt target during the first quarter of 2021 after faster-than-expected progress on its disposals programme and a "strong" quarter driven by recovering oil prices, said the company.

The oil giant had said previously it expected to meet its debt forecast by the fourth quarter of 2021 at the earliest, down from a level of USD51.4 bn a year ago and USD38.9 bn at the end of 2020.

BP forecast raising USD4bn -USD6bn from disposals and said proceeds would now be at the upper end of this range, adding that 60% of surplus cash would be returned to shareholders via a buyback.

"This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter. We look forward to updating the market at our first quarter results, including further information on share buybacks," said chief executive Bernard Looney.

During the first quarter BP had received around USD4.7 bn in asset sales, including approximately USD2.4 bn from the completion of the sale of a 20% interest in Oman's Block 61 and $1bn as the final payment from the sale of its global petrochemicals business to INEOS.

It added that its target of USD25 bn of disposal proceeds between the second half of 2020 and 2025 was now underpinned by agreed or completed transactions of around USD14.7 bn with around USD10 bn of proceeds received.

As MRC informed earlier, Rosneft together with BP will develop the hydrogen business.
Together they will study the prospects for new projects using renewable energy sources (RES), as well as the use of technologies for capturing, utilizing and storing CO2. Earlier in Russia, Gazprom and Novatek spoke about their intention to create a hydrogen business and new technologies for the disposal of harmful emissions.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.
Author:Anna Larionova
Tags:PP, PE, gas pressure pipe, gas processing, neftegaz, petrochemistry, British petroleum, Gazprom, Novatek.
Category:General News
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