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June 24, 2020

Coronavirus company news summary – China’s gasoline exports plummet – Shell plans major restructuring

By Jessica Paige

24 June

US-based engineering and construction company KBR has decided to quit LNG construction and other fixed contract energy projects to focus on government contracts and technology businesses, according to Reuters. In a letter to the employees, KBR CEO Stuart Bradie said that the Covid-19 pandemic accelerated the decision.

FAR Senegal has defaulted on its payment obligations towards the Sangomar joint venture project to preserve cash. In the recent months, the company failed to secure necessary funding to support the project due to Covid-19 crisis and oil price crash.

China’s gasoline exports plummeted last month due to dull demand for refined fuel amid Covid-19 crisis, Reuters said citing data from the General Administration of Customs. The exports plunged 64.2% in May compared to the figures of the previous month, hitting the lowest level in more than a year.

According to Reuters, Royal Dutch Shell is planning a major restructuring of the company by the end of the year, as part of its efforts to shift to lower-carbon oriented business. In an internal video, Shell CEO Ben van Beurden said that the current Covid-19 pandemic will expedite the transition to green energy.

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