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September 1, 2020

Coronavirus company news summary – Covid-19 halves Gazprom’s second quarter net profit – Sinopec expects fuel demand to grow to H2

By Jessica Paige

1 September

Russia’s Gazprom has posted a net income of RUB149.2 ($2bn) in the second quarter of this year, reported Reuters. The figure halved on a year-on-year basis due to the impact of Covid-19 pandemic. In the first quarter, the company reported a loss of RUB116bn. Gazprom also improved its gas exports forecast for this year from 166 billion cubic metres (bcm) to 170bcm.

The Energy Information Administration (EIA) in the US has said that monthly oil production in the country increased in June after it plummeted in May due to price crash. In June, the US produced 10.436 million barrels per day, a jump of 420,000bpd. However, the figures are still below the April’s levels of 11.99 million bpd.

China Petroleum & Chemical (Sinopec) has said that it expects fuel demand to increase in the second half of this year, reported Reuters. The company also plans to ramp up natural gas drilling activities. This comes after Sinopec reported net loss of $3.17bn for the first six months of 2020.

Israel’s Delek Group is planning to merge its North Sea energy operations after it reported a loss in the second quarter amid Covid-19 crisis. The plan involves combining its wholly-owned subsidiary Ithaca Energy with an international group. Currently, Delek is discussing the move with several international investment banks, reported Reuters.

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