Coronavirus company news summary – OGUK welcomes government’s winter economy plans – Iraq denies agreement to increase crude exports

25 September 2020 (Last Updated September 25th, 2020 09:27)

25 September

Indian Oil is planning to postpone some of its refinery expansion projects as demand continues to remain weak amid Covid-19 crisis. According to a PTI report, the projects will be revived as demand surges and with gradual increase in the use of cleaner fuels. In an interview, Indian Oil chairman Shrikant Madhav Vaidya opined that diesel and petrol will continue to remain dominant fuels for the next two decades in the country.

Oil & Gas UK (OGUK), an association which represents offshore oil and gas industry in the UK, has welcomed winter economy plans by the government. The plan includes a wage subsidy scheme that seeks to protect jobs in the economy. Earlier this year, OGUK published a report that the industry may face up to 30 thousand job cuts due to the impact of Covid-19 pandemic.

Iraq has dismissed a local media report that claimed that an agreement with the OPEC+ group will be signed soon to increase the country’s crude oil exports. Oil ministry spokesman Asim Jihad told Reuters that Iraq is committed to the output cut agreement and is working with all members to address the present challenges that caused the oil demand to plummet.