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July 29, 2020

Coronavirus company news summary – NNPC enters $1.5bn oil prepay deal – OMV slashes 2019 dividend proposal

By Jessica Paige

29 July

Several Indian refiners have trimmed crude processing due to weak local fuel demand. Officials of the companies told Reuters that multiple refineries have also suspended production for maintenance works. Local crude demand has weakened recently as several Indian states re-impose lockdown to contain Covid-19. High fuel prices and monsoon further slowed the recovery.

The Nigerian National Petroleum (NNPC) has signed a $1.5bn prepayment deal as weak oil demand shrinks cash flow. The agreement, first such deal since the Covid-19 pandemic, was led by Standard Chartered, reported Reuters. The deal was also backed by oil traders Vitol Group and Matrix Energy as well as other financial institutions. NNPC will use the money to pay taxes and for other expenses.

Austrian oil and gas company OMV has slashed its 2019 dividend proposal by €0.25 to €1.75 per share amid Covid-19 crisis. The company shareholders will confirm the dividend at the OMV’s annual meeting in September. OMV is also planning to issue a new bond of up to €1.5bn to fund the acquisition of chemical firm Borealis.

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