Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators told Reuters they are curtailing run rates to roll over some of their feedstock into next month…
SABIC Profits Soar, 2H Looks 'Strong' Too
Petrochemicals giant Saudi Basic Industries Corp (SABIC) swung to a $2 billion quarterly profit and said it expects solid performance to continue in the second half of 2021, backed by healthy demand and rising oil prices.SABIC, the world's fourth-biggest petrochemicals company by sales and asset value, swung to a second-quarter profit of $2 billion (up from a $592M loss in the same period last year) beating the average forecast of $1.6B by six analysts according to Refinitiv data."Average selling prices rose by more than 10% backed by oil price increases and healthier demand.
