MOSCOW (MRC) -- Russian Energy minister Alexander Novak said he had invited other BRICS countries - Brazil, India, China and South Africa - to take part in joint oil and gas projects in the Arctic, reported Reuters.
In a speech at a meeting of energy ministers from the group of major emerging economies, Novak added that the recovery on global energy markets would be slow in the wake of the second wave of the coronavirus pandemic.
As MRC informed earlier, Russian oil pipeline monopoly Transneft and producer Rosneft have reached a settlement with Total over dirty oil supplies to the French company’s Leune refinery in Germany, Transneft said. Up to 5 MM tons of Russian oil in route to central Europe via the Druzhba pipeline were found to be contaminated last year. Total declared a force majeure in June 2019 on the production of jet fuel at its Leuna refinery in Germany following the supply of contaminated crude from Russia. Transneft did not disclose how much compensation would be paid to Total.
We remind that in November 2019, Total disclosed that itis evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,496,500 tonnes in the first eight months of 2020, up by 5% year on year. Shipments of all ethylene polymers increased, except for linear low desnity polyethylene (LLDPE). At the same time, PP shipments to the Russian market reached 767,2900 tonnes in the eight months of 2020 (calculated using the formula - production minus exports plus imports - and not counting producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.