Petrochemicals Synthetic Fabrics Composites
Crude Oil Prices Trend
Large oil companies were hit by a wave of cost reductions, as oil prices ranged from USD20 to USD30 per barrel, Vesti writes.
On Monday, Royal Dutch Shell said it would cut costs by 20%, or USD5 billion, and also suspend its share buyback plan. The French oil giant Total SA and the Norwegian company Equinor are going to take similar steps.
ExxonMobil and Chevron have suggested that they also cut budgets, with Exxon experiencing particular pressure. Goldman Sachs estimates that Chevron needs a price of USD50 per barrel to cover costs. ExxonMobil needs a price of about USD70.
Liquidity has reduced in the Turkish polyethylene (PE) and polypropylene (PP) market due to the effects of the coronavirus pandemic, but deals have been completed following aggressive reductions by some sellers.
Prices for all grades have fallen, as demand falls away and some suppliers have cut prices in an attempt to shift their product. Rapidly closing borders and the spread of country-wide lockdowns has spooked some sellers.
Sentiment is poor as the government begins to enforce measures to prevent the spread of the virus. Although the government is keen to avoid an official lockdown, many citizens are taking matters into their own hands and isolating as much as possible.
Sorting facilities in France are re-opening after some earlier shutdowns in relation to the coronavirus, with 65% of facilities currently operating, a spokesperson for the French Federation of Recycling Plants (FeDerec) confirmed on Friday.
Speaking exclusively to ICIS, the spokesperson said they hope that up to 70% of the sorting facilities will be operational by the beginning of next week.
“Some collections… stopped almost straight away, but some [facilities] are starting again with the sorting,” the spokesperson said. “Right now 65% are open, and by Monday, 70% [will be open].”
Plastic surfaces embedded with graphite nanoplatelets reportedly can prevent hospital-acquired infections (HAIs), killing 99.99% of bacteria that try to attach, according to research from Chalmers University of Technology in Sweden.
At any given time, 7% of hospital patients in developed countries and 10% in developing economies will contract at least one HAI, according to the World Health Organization. In Europe, more than four million people are infected annually, according to the European Centre for Disease Prevention and Control.
Many of these are bacterial infections that develop around medical devices and implants within the body, such as catheters, hip and knee prostheses or dental implants. In some cases, the implants need to be removed.
The suspension of automotive sector operations in Brazil due to the coronavirus pandemic could generate at least a 10% drop in polypropylene consumption in the country, sources said Friday.
The shutdown of the sector is likely to affect polypropylene demand hardest, as most of the plastic used in vehicles is made out of polypropylene. Between 10% and 15% of all PP consumption in Brazil is directly linked to the automotive sector.
OPEC kingpin Saudi Arabia still intent on surging output
Algerian minister rounding up support for new talks
Saudi, Russia have not discussed any oil agreement: SPA
Several OPEC members, largely bystanders suffering amid the Saudi-Russia oil price war, continue to press for a new production accord to stem the market rout.
Algerian energy minister Mohamad Arkab, who holds OPEC’s rotating presidency this year, and his staff have been extremely active in attempting to round up enough support to try and convince Saudi Arabia to consider an alternative tack, according to sources in the organization.
Contrary to the equipment suppliers for the automotive segment, the suppliers of waste disposal and recycling technology see a real boom in incoming orders. Herbold Meckesheim has full order books for 2020 and even further projects for 2021 being finalized, which is unusual for a market that used to have delivery times of less than six months.
The reason for this sudden rise in demands can be explained by the simultaneous action of regional driving forces and long-term technological trends.
World trade may witness a sharp fall due to the COVID-19 crisis and global solutions will be needed to deal with it, according to the World Trade Organisation (WTO), which recently said cross-border trade and investment flows have a role to play in efforts to combat the pandemic, and will be vital for fostering a stronger recovery once the medical emergency subsides.
“Although the report is still a few weeks away, the economists foresee a very sharp decline in trade,” WTO director general Roberto Azevedo said in a video message.
The G-20 countries yesterday pledged to inject over $5 trillion into the global economy to counter the social, economic and financial fallout of the COVID-19 pandemic. In a statement issued after the extraordinary G-20 virtual summit, its leaders said they will continue with bold and large-scale fiscal support, which will amplify the actions’ impact and ensure coherence.
The pandemic has affected at least 170 countries and caused over 21,400 deaths.
The leaders said the magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth.
Saudi Arabia said today that it is not talking with Russia about reducing oil output, just days ahead of the expiry of the Opec+ agreement. From next month, countries party to that pact will be free to supply without restraint, into a market that is showing signs of saturation as demand plummets.
“There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of Opec+ countries, nor any discussion of a joint agreement to balance the oil markets,” Saudi state-run news agency SPA quoted an oil ministry spokesman as saying.
Another example of Italy that knows how to do things well.It comes from Corepla, the consortium for the collection, recycling and recovery of plastic packaging, : it intercepts 89% of the product placed on the market, which places the country in the top positions in Europe.
In 2018 the consortium collected over 1,200 tons of plastic packaging (over 20 kilograms per inhabitant), recycling 644 thousand of them and recovering 380 thousand for transformation into energy.
In 2019 the data are still forecast, with that of the collection at 1,378,000 tons, up 13% on the previous year.
Waiting for the final data, satisfaction remains for a growing sector, as President Antonello Ciotti explains: “We are second behind Germany and over the years Italy has been able to apply creativity and innovation capacity. An Italy that innovates and is rapidly changing towards the circular economy “.
Thanks to Corepla – 2,582 member companies with 33 selection centers, 74 recycling plants and 32 preparers and users of waste fuels – for example, emissions of 916 thousand tons of CO2 have been avoided.
This has been possible thanks to a continuously growing separate collection where the capillarity of the service is fundamental.
In fact, 7,200 Municipalities served (equal to 91%) and almost 58 million citizens involved.
Petrochemicals Synthetic Fabrics Composites