International Plant Shutdown NewsInternational Plant Shutdown News

Exxon Mobil Halts Drilling Operations in Cyprus Energy

Exxon Mobil, the U.S. based multinational oil and gas company, has announced suspension of its two Cypriot gas drills scheduled for July 2020 till September 2021. The decision was taken in consideration to the pandemic stress and acute volatility in the international petrochemicals market due to plummeting prices of oil. The company has blamed the logistical disruptions and rising cases in U.S. for its operational cuts. The company has also cancelled drilling activities in other parts of the world. This happened just few days after the CEO of the company announced to implement about 30% cut in its capital expenditure taking into consideration the impact of the pandemic to the energy market.

Ukraine suspends Plant Operating to Develop New Missile

SystemUkraine has announced temporary shutdown of its Pevlograd Chemical Plants engaged in manufacturing explosives and charging ammunitions. According to State Defence Order, lack of funding from government to finance operations and services has made corporation to shut operations till they are economically secured. With this plant shutdown, the complete missile project has come to a dead end with no ray of hopes to be seen for recovery.

Key Headlines

  • ONGC Gas Output Drops to 15%, Lesser Demand Hits the Market
  • Indian Oil to Fill its Underground Reserves with First Oil Shipload Arriving from UAE
  • Oil Rebounds “But Little” After the Producers Sign Compromise Deal
  • Asia’s Methanol Industry Suffers Supply Glut as Exporters Target China
  • ExxonMobil Postpones Two Cyprus Energy Drills

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