Coronavirus company news summary – India’s crude oil imports slip to lowest level in a decade – Paz Oil reports 67% drop in quarterly profit

21 August 2020 (Last Updated August 21st, 2020 09:43)

21 August

Australia’s Origin Energy anticipates lower earnings from energy markets in fiscal 2021 as fuel demand plunged after the Covid-19 crisis. The company’s core underlying earnings from energy markets will be around A$1.15bn to A$1.30bn ($826.28m-$934.05m) in fiscal 2021. In the year that ended in June, the figure was A$1.46bn.

According to a Reuters report, oil and gas companies have revived some Norwegian projects stirring new investment in the sector. This comes after the Norwegian parliament approved tax incentives after oil prices plummeted following the Covid-19 pandemic. This year, the investments will amount to NOK184.6bn ($20.7bn). However, the investments will drop next year to NOK148.6bn, the news agency further added citing the statistics office.

India’s crude oil imports have dropped to their lowest level in a decade due to reduced activity following the Covid-19 pandemic. Last month, crude oil imports stood at 12.34 million tonnes, the lowest since March 2010. The imports now declined for four consecutive months, Reuters reported citing government data. Notably, India has reported more than 2.84 million Covid-19 cases, making it the worst affected in Asia.

Israeli fuel firm Paz Oil has reported a 67% fall in quarterly profit due to dampened demand of oil amid the Covid-19 crisis. The company’s adjusted net profit declined to ILS8m ($2.4m) in the quarter that ended in June. Last year, the figure was ILS24m in the same three-month period.