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COVID-19 - News digest as of 05.05.2021

May 05/2021

1. Indian Reliance becomes largest domestic medical-grade liquid oxygen producer

MOSCOW (MRC) -- Amid a surging second wave of COVID-19 in the country, Reliance Industries (RIL) has increased output of medical oxygen to 1,000 mt/day, making it India's largest producer of medical-grade liquid oxygen from a single location, according to IndiaTV. Reliance ramped up production from near-zero to 1,000 tonnes per day and now produces over 11% of the country's oxygen demand. It has rallied its resources to meet the daily need of over 1 lakh people every day. "RIL ramps up production of medical-grade liquid oxygen from near zero to 1000 mt per day free of charge. (It is producing) 1000 mt of oxygen to meet the needs of over 1 lakh people every day on an average," the company said in a statement.

2. Chevron profit fell 29% in Q1

MOSCOW (MRC) -- Chevron's first-quarter profit fell 29% from the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year, said Hydrocarbonprocessing. Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020. Chevron and its peers slashed spending, paving the way for several firms to post sharply better results.

3. PetroChina posts best quarterly profit in seven years

MOSCOW (MRC) -- State-owned PetroChina, Asia's largest oil and gas producer, has reported its biggest quarterly profit in seven years, citing rising oil and gas prices and a recovery in Chinese fuel demand from last year's deep coronavirus slump, reported Reuters. The company swung to a 27.7 billion yuan (USD4.28 billion) first-quarter net profit, having posted a loss in the same period last year, and announced that it is setting up a new investment vehicle with a focus on strategic assets and low-carbon projects.

4. Chemical Activity Barometer up by 0.7% in April - ACC

MOSCOW (MRC) -- ACCs chemical activity barometer (CAB), a leading indicator and composite index of industry activity, rose 0.7% sequentially in April on a three-month moving average (3MMA) basis, following a 1.1% gain in March and an 0.9% gain in February, according to ACC. The CAB was up 12.0% on a year-on-year (YOY) basis, as the year-ago period represents the trough of the COVID-19 recession. The latest CAB reading is consistent with solid expansion of commerce, trade and industry, said Kevin Swift, chief economist at ACC. In April, production-related indicators were positive. Trends in construction-related resins and related performance chemistry were solid, indicative of robust gains in this sector.

5. Chemours reported decline in Q1 net income

MOSCOW (MRC) -- US-based producer Chemours reported on Monday a year-on-year decline in Q1 net income but still raised its outlook for 2021, said the company. First-quarter income fell because costs rose faster than revenue. Also, Chemours reported a tax charge of USD5m versus a benefit of USD23m from the same time in Q1 2021. The following shows the company's Q1 financial performance. Figures are in millions of dollars. "We are off to a great start in 2021 as the broad economic recovery drove strong year-over-year and sequential volume growth across the majority of our portfolio, leading to the highest quarterly sales total in more than 2-years," said Chemours President and CEO Mark Vergnano. "This outcome was achieved despite managing through supply chain challenges and operational headwinds, most notably from Winter Storm Uri.  Looking ahead, our strong 1Q results and growing confidence in the outlook allows us to raise our 2021 full-year Adjusted EBITDA range by USD100 million with Free Cash Flow now expected to be greater than USD450 million."

6. Oil prices grow on eased lockdowns in the US and Europe desire to attract travellers

MOSCOW (MRC) -- Oil prices rose on Tuesday after more US states eased lockdowns and the European Union sought to attract travellers, while soaring COVID-19 cases in India capped gains, reported Reuters. Brent crude futures were 86 cents, or 1.27%, higher at $68.42 a barrel at 1224 GMT, after climbing 1.2% on Monday. US West Texas Intermediate (WTI) crude futures also rose 77 cents, or 1.19%, to USD65.26 a barrel, after gaining 1.4% on Monday. Both contracts were up over USD1, or about 2%, in earlier trade.
Author:Margaret Volkova
Tags:Europe, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, construction, Chemours, Chevron, PetroChina, Reliance Industries, COVID-19, India, China, USA.
Category:General News
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