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COVID-19 - News digest as of 12.04.2021

April 12/2021

1. The loss of profits of NKNK last year was due to large foreign currency loans

MOSCOW (MRC) - Net profit of Nizhnekamskneftekhim in 2020 decreased by 81% to 4.4 billion rubles, but not because of the lockdown caused by the coronavirus, but because of gigantic loans in euros, BUSINESS Online reports. NKNK's revenue also decreased, but not so much - by 15%, or 26.2 billion, to 147.9 billion rubles. According to the consolidated financial statements in accordance with IFRS, the operating result fell generally by only 5.4 billion to 22.7 billion rubles.

2. Demand for petroleum products expected to grow in the USA on continuing economic recovery

MOSCOW (MRC) -- The EIAТs April Short-Term Energy Outlook (STEO) expects vaccinations and fiscal stimulus to support continuing economic recovery and drive demand growth for petroleum products in the United States, reported Hydrocarbonprocessing. Gasoline and distillate fuel consumption is expected to increase from last summer, but remain less than in 2019. As some of the economic and behavioral effects of COVID-19 subside over the next year, we forecast that US demand for transportation fuels will increase. We forecast that gasoline consumption in 2021 will peak in August at 9.1 million barrels per day (b/d), more than the 8.5 million b/d we saw in August 2020 but less than the 9.8 million b/d in August 2019. We forecast that gasoline consumption during the summer of 2021 will average 8.8 million b/d, a 1.0 million b/d (13%) increase from summer 2020 but a 0.7 million b/d (7%) decrease from 2019.

3. Russian oil producers slightly reduce gas flaring in 2020

MOSCOW (MRC) -- Russian oil producers reduced gas flaring only slightly last year and failed to reach a targeted level by a large margin, hampered by a lack of necessary infrastructure at new oilfields, a draft government document seen by Reuters showed. Flaring, or the combustion of gas generated by various processes in the oil industry, generates carbon dioxide emissions. Climate change poses a series challenge for Russia, with the economy heavily reliant on oil and gas production, as well as mining, and the government is under pressure to cut emissions. The draft document, outlining oil industry developments until 2035, showed that the utilisation of the associated petroleum gas (APG) oil companies produce as a byproduct of crude extraction, rose to 82.6% in 2020 from 81.5% in the previous year - well below the 95% target which was expected to be achieved in the mid-2010s.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Nizhnekamskneftekhim, COVID-19, Russia, USA.
Category:General News
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