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The performance of Korean chemical companies in the second quarter was gratifying
According to the latest IHS Markit report, stimulated by the recovery in demand, major Korean chemical companies, including LG Chem, Lotte Chemical and Kumho Petrochemical, all delivered a bright performance in
the second quarter of this year.
LG Chem's net profit in the second quarter more than tripled year-on-year, from 419 billion won last year to 1.
6 trillion won, operating profit increased from 572 billion won to 2.
2 trillion won, and sales revenue increased 65% to 11.
4 trillion won
.
Lotte Chemical's net profit in the second quarter increased significantly to KRW 501 billion from KRW 31 billion last year, its operating profit increased significantly from KRW 33 billion to KRW 594 billion, and its sales revenue increased 62% year-on-year to KRW 4.
3 trillion
.
Kumho Petrochemical's sales revenue doubled year-on-year to KRW 2.
1 trillion in the second quarter, and net profit increased five-fold to KRW 583 billion year-on-year
.
U.
S.
oil majors are looking to produce renewable fuels at low inputs
Currently, ExxonMobil and Chevron, two of the largest U.
S.
oil companies, are looking to produce sustainable fuels in existing facilities, rather than spending billions of dollars to reconfigure operations to produce such products
, as some refineries do.
Renewable fuels account for 5 percent of U.
S.
fuel consumption, but consumption will continue to grow
as industries take steps to reduce overall carbon emissions in response to global climate change.
Compared to European rivals Royal Dutch Shell and Total Energies, U.
S.
companies have less urgency to invest in renewable energy and generally have a lower
percentage of investment in "green" technologies.
The two companies are studying how to process bio-based feedstocks such as vegetable oils and biofuels processed from petroleum fractions to produce renewable diesel, sustainable aviation fuel (SAF) and renewable gasoline
without significantly increasing capital expenditures.
German chemical sales revenue will grow strongly this year
Recently, the German chemical industry association VCI said that German chemical sales revenue in 2021 is expected to increase by 11% year-on-year to 211 billion euros, affected by the strong performance in the first half of the year, after its forecast of 8%
in June.
VCI remains unchanged from its forecast of a 4.
5% increase in German chemical production for the full year, but raised its forecast for rising chemical sales prices this year to 6.
5%
from 3.
5%.
VCI said that the increase in German chemical sales revenue for the whole year is mainly due to the strong performance in the first half of this year, in the first half of the year, German chemical sales revenue increased by 12% year-on-year to 111 billion euros, the price rose by 4.
7%, and the output increased by 5.
9%.
This year, the sales revenue of the German chemical industry is expected to exceed the 200 billion euro mark for the second time since 2018 and will significantly exceed pre-pandemic sales levels
.
Russian engine oil prices have risen sharply
According to Autodoc.
ru, Russia's leading online seller of auto parts and finished lubricants, retail prices of engine oil in Russia rose by about 40%
due to a shortage of base oil supplies and a sharp rise in operating costs.
Vladislav Soloviev, head of the Autodoc.
ru company, said that the sharp increase in engine oil prices is due to a shortage
of base oil used by all lubricant producers.
In addition, lockdowns caused by the pandemic and failures in global logistics and production chains have also disrupted the supply of engine oil
.
At present, the demand for engine oil in Russia and its neighbors has rebounded
sharply.
In addition, logistics, packaging and other operating costs have risen significantly, which will continue until the end of the
year.
