BAKU, Azerbaijan, Feb.22
By Leman Zeynalova – Trend:
Sales of petrochemical products by Italian Eni were 1.33 mmtonnes in the fourth quarter of 2020, up by 27 percent compared to the same period of 2019, driven by higher volumes of intermediates, due to a better product availability, polyethylene and elastomers for higher demand, and styrenics, particularly in the appliance and packaging sector, Trend reports citing the company.
In the full year, sales were substantially in line with 2019 (up by 1 percent) thanks to the positive performance reported in the intermediates, styrenics and polyethylene segments due to higher product demand, partly mitigated by the generalized reduction in elastomers volumes for a weaker demand at the main end-markets, particularly the automotive sector, as result of the global economic downturn caused by the COVID-19 pandemic and uncertainties about the strength of the recovery which induced operators to decrease storage.
Petrochemical product margins improved mainly in the polyethylene segment, driven by higher demand for packaging, with widening spreads vs. ethylene, and styrenics/elastomers due to a decrease in feedstock prices. In the fourth quarter and in the full year, the cracker margin reported an increase as a result of the reduction of the feedstock prices and positive exchange rate effects.
Eni refining throughputs on own account were 6.41 mmtonnes in the fourth quarter 2020, down by 16% vs. the comparative period, including ADNOC Refining crude oil and condensates throughputs, effective since August 1, 2019, following the closing of acquisition. Throughputs at Eni’s refineries in Italy of 3.93 mmtonnes declined by 19% in the quarter (14.82 mmtonnes, down by 28% in the FY), in response to a sharply depressed refining scenario and storage saturation, as a consequence of demand backdrop due to the pandemic.
In the fourth quarter 2020, bio throughputs were 183 ktonnes, up by 45% compared to the same period of 2019, due to the higher production runs at the Gela bio-refinery. In the full year of 2020, bio throughputs were 710 ktonnes, more than doubling y-o-y due to the ramp-up of the Gela bio-refinery which entered into operation in August 2019
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