MOSCOW (MRC) -- French energy major TotalEnergies reported a sharp fall in its refinery throughput in the first half of 2021 as margins stayed "depressed", although its downstream division performed better due to a strong showing by its petrochemicals segment, reported S&P Global.
The energy major's refining throughput across the world averaged 1.109 million b/d in the first half of 2021, down 18% on the year, according to the company's latest results statement. Refining throughput at the company's French refineries averaged as low as 131,000 b/d in H1 2021, down 43% on the year.
In the second quarter, TotalEnergies' French refineries processed 148,000 b/d, down 28% on the year, whereas across the world its refineries processed 1.070 million b/d, down 14% from Q2 2020. The drop was attributed to the prolonged voluntary economic shutdown of the Donges refinery given the low European margins.
As MRC informed previously, in June 2021, TotalEnergies and Novatek have signed a Memorandum of Understanding (MoU) to jointly work on sustainable reductions of the CO emission resulting from the production of liquefied natural gas (LNG) including with the use of renewable power, to develop large-scale carbon capture and storage solutions (CCS) and to explore new opportunities for developing decarbonized hydrogen and ammonia.
We remind that in November 2019, Total disclosed that it is evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables, and electricity. The company rebranded itself from Total to TotalEnergies during Q2 2021. The French firm has announced allocating part of surplus revenues to share buybacks. Its 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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