Sector News

OMV’s second-quarter petchem margin down, refinery utilization plunges

July 9, 2020
Chemical Value Chain

OMV (Vienna, Austria) says its second-quarter 2020 ethylene/propylene net margin has fallen to €393/metric ton ($445), down from €475/metric ton in the prior-year quarter and €459/metric ton in the first quarter of this year.

The company calculates its margin based on Western European contract prices, with naphtha as feedstock.

No production volume figures for its petrochemicals segment were given in the trading update released today. OMV’s oil and gas production fell to 464,000 barrels of oil equivalent/day (boe/day) in the second quarter from 490,000 boe/d in the equivalent period last year. The company’s indicator refining margin fell to $2.26/barrel (bbl) from $3.18/bbl last year and $4.93/bbl in the first quarter, it says. OMV’s refinery utilization rate for the second quarter plunged to 79% from 96% a year earlier, it adds.

The company recorded “a positive contribution from refining margin hedges in a mid-double-digit million Euros magnitude,” and says it has “locked in” a positive quarterly effect of a similar magnitude for the remaining quarters of this year.

OMV is scheduled to publish its second quarter results on 29 July.

By: Mark Thomas

Source: Chemical Week

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

January 23, 2021

Bayer AG appoints Sarena Lin as Chief Transformation and Talent Officer

Chemical Value Chain

Lin will become the company’s Chief Transformation and Talent Officer. She will be responsible for Human Resources, Strategy and Business Consulting and drive the accelerated transformation of Bayer.

January 23, 2021

Johnson Matthey’s battery plant in Poland to be powered by renewable electricity 

Chemical Value Chain

Johnson Matthey plc (JM; London) has confirmed that its battery cathode materials plant in Konin, Poland, will be powered solely by electricity from renewable sources from day one of production.

January 23, 2021

Oxford given £100m for antibiotic resistance research

Chemical Value Chain

Britain’s Oxford University has received a donation of £100 million (112 million euros, $136 million) to research growing resistance to antibiotics, the university announced on Tuesday. The sum, from British chemicals multinational Ineos, is one of the largest donations given to Oxford University in its long history.

Send this to a friend