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Recovery seen in upstream activities


PETALING JAYA: Upstream activities in the oil and gas (O&G) industry are expected to recover in the second half of this year albeit at a gradual pace due to the still high number of Covid-19 cases.
It is noted that upstream activities in the first quarter of the year were dismal, while the sequential recovery in the second quarter came in slower than expected.
Although offshore operations, which are classified as essential services, were allowed to operate as usual following the renewed lockdown on June 1, work progress has been dragged by the shortage of offshore crew due to quarantine requirements and the supply of materials. ....

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Petronas Chemicals 1Q net earnings triple to RM1.47bil on demand recovery


recorded a surge in net earnings to RM1.47bil in the first quarter ended March 31, 2021, from RM506mil in the previous corresponding quarter as crude oil and petrochemicals prices were boosted by global demand recovery and supply disruptions.
Revenue for the quarter jumped 20% to RM4.7bil on the back of a significant increase in average product prices due to high demand and a tight supply environment, it said in a statement accompanying its results.
We are pleased to deliver an impressive set of results for 1Q 2021, marking a stark constrast to 2020 for the petrochemical industry.
In addition to improved crude oil price, average product prices moved upward, higher than expected, by 20% to 30% due to tight supply of products stemming from the US winter storms in February. ....

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Petronas, LG Chem to build $132 million NBR latex plant

Petronas, LG Chem to build $132 million NBR latex plant
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