MOSCOW (MRC) -- The coronavirus pandemic underscored BP's efforts to "reimagine energy" by taking a leading role in the push to cleaner, low-carbon fuels, said S&P Global, citing CEO Bernard Looney.
Rising levels uncertainty over the future demand for oil, oil price volatility, a growing attractiveness of stable returns from some renewables, and an increased awareness of "the fragility of the world we live in" mean BP is taking the right path to pursue lower-carbon fuels, Looney said.
"We are maintaining momentum on the plans for reimagining energy and reinventing BP," Looney said in a speech at a webcast annual general meeting. "The more we understand the current situation, the more I am convinced that the decisions we took in February are right."
In February, Looney set out ambitious new targets for the oil major to become a "net-zero" carbon emitter by 2050 or sooner as he looks to position the company to take a leading role in tackling climate change with cleaner energy.
Under a number of as yet, loosely defined goals, BP plans to get to net-zero on the carbon content of the company's oil and gas production by 2050 or sooner and see its oil and gas output decline gradually "over time".
Like many of its oil major peers, BP also aims to increase its investment in non-oil and gas businesses, currently running at around USD500 million a year, or roughly 3% of overall capex.
Looney, who succeeded Bob Dudley as CEO in February, said BP was making "good progress with this transformation" and planned to provide a detailed update on its efforts at a strategy presentation in September.
The heads of the world's largest oil and gas producers pledged Tuesday to maintain a strategic focus on producing cleaner energy and helping to mitigate climate change despite reeling from the impact of the coronavirus pandemic on oil and gas prices.
As MRC informed earlier, the Turkish Competition Council has given permission to SOCAR and BP to establish a joint venture that will operate in the petrochemical sector, local media reported on July 22. Earlier it was reported that SOCAR and BP applied to the relevant institutions in Turkey to establish a joint petrochemical company, which will be called Mercury complex, in April 2020. Recall that on December 20, 2018 SOCAR and BP signed contractual principles for evaluation of plans for creation a world-class petrochemical complex in Turkey and establishment of a joint venture to manage it.
PTA is the main raw material in the production of polyester from which beverage and food containers, packaging materials, photo and film and other consumer and industrial goods are derived.
According to ICIS-MRC Price report, in Russia, July formulae PET prices for contract customers were in the range of Rb65,000-67,500/tonne CPT Moscow, including VAT. Prices of material in the spot market remained steady last week, Russian producers continued to ship material from 20 tonnes at a price of Rb70,000-72,000/tonne CPT Moscow, including VAT.