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June 5, 2020

Covid-19 triggered demand loss, impacted several major petrochemicals in the US

By Magdalena Dugdale

The US is the largest affected country in the world because of Covid-19 outbreak, after it was first reported in China. More than 1.75 million people have been affected in the US, as the transmission of virus is larger in comparison to other parts of the world.

Authorities across the US are rolling out plans now to relax the lockdown measures, after strict restrictions were imposed over the last few months. Though easing of restrictions could lead to further outbreaks, many states are moving forward with their plans, with an intent to reopen economic activity.

The Covid-19 outbreak, in addition to crude oil price crash, has pushed petrochemicals companies in the US to announce project delays. The largest number of project delays to date have been announced in the US, which accounts for more than half of the total announced Covid-19 impacted capacity. Few of the major complexes which have been affected due to Covid-19 pandemic include construction works at the Shell Beaver County Complex and utility works at the Formosa St James Parish Complex. Prevailing uncertainties and economic slowdown due to the outbreak could push companies on more such announcements over the short term.

Read more here.

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