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Released April 30, 2020 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--With the U.S. economy shrinking nearly 5% in the first quarter, some states are desperate to reopen their businesses--to the point of brushing aside concerns from medical professionals that doing so could see a resurgence of COVID-19, which has claimed the lives of nearly 60,000 Americans to date. A recession is all but certain, with the Petroleum Refining, Industrial Manufacturing and Oil & Gas industries seeing some of the worst effects. Industrial Info is tracking more than $760 billion in active projects worldwide that have been delayed or otherwise affected by COVID-19, including nearly $160 billion worth in the U.S.
Click here for a global list of affected projects.
Click on the image at right for a graph detailing global projects to be affected by COVID-19, by industry.
The Petroleum Refining Industry has seen more of its active investments face delays or other extraordinary measures since the beginning of the week than any other industry in the U.S., largely due to three high-value capital-spending projects. The first two are at Valero Energy Corporation's (NYSE:VLO) (San Antonio, Texas) refinery in Port Arthur, Texas: a $700 million delayed coker unit addition and a $275 million sulfur recovery unit addition, both of which have seen their completion dates pushed back from first-quarter 2022 to third-quarter 2022.
The 55,000-BBL/d, four-drum delayed coker will allow the refinery to produce additional vacuum gas oil to supply both hydrocrackers at the complex, while the 600-ton-per-day sulfur recovery unit will support the delayed coker. For more information, see Industrial Info's project reports on the delayed coker unit and sulfur recovery unit, and today's article - OUCH: Refiner Valero Pares Capex on $1.9 Billion First-Quarter Loss, But Sees Signs of Rising Gasoline Demand.
No one doubts the Texas and Louisiana Gulf Coast is the refining capital of the U.S., but one place that could be more seriously affected by COVID-19 measures is the Virgin Islands, where ArcLight Capital Holdings LLC (Boston, Massachusetts) and Freepoint Commodities LLC (Houston, Texas) were preparing to wrap up the $1.4 billion restart of the Limetree Bay Refinery in Christiansted at the end of this month. The facility, which is designed to produce about 200,000 barrels per day (BBL/d) of low-sulfur fuels, diesel and gasoline, had its completion date pushed back to June at the earliest.
Earlier this month, the joint venture running the project announced a single confirmed case of COVID-19 among contractors housed at a nearby "man camp," and placed the worker in quarantine. The company announced it had designated a 30-person quarantine facility apart from the man camp, and "developed a plan to include meal delivery, and regular sanitation of the facility," in addition to commonplace measures used to enforce social distancing. The Virgin Islands, which has been economically struggling following a pair of catastrophic hurricanes in 2017, has been eagerly anticipating a restart of the refinery, which had closed in 2012. For more information, see Industrial Info's project report.
Within the U.S., the automotive sector, which is part of the Industrial Manufacturing Industry, has quickly become one of the areas most financially affected by COVID-19-related measures. The sector trails only the Petroleum Refining Industry in the amount of project investment, announced so far this week, to face delays or other issues because of the pandemic. This includes Fiat Chrysler Automobiles' (NYSE:FCAU) (London, England) $1.6 billion assembly plant conversion at its Mack Engine Plant Complex in Detroit, Michigan, which would be the city's first new assembly plant in nearly 30 years.
Fiat Chrysler plans to overhaul the Mack Engine Plant I facility and expand and reopen the idled Mack Engine Plant II, to produce the next-generation Jeep Grand Cherokee and other vehicles. Construction began in August 2019 and had been set to wrap up in fourth-quarter 2020, but the completion now has been pushed back to March 2021 at the earliest. For more information, see Industrial Info's project report.
Globally, the Oil & Gas Production Industry leads all others in investments delayed or otherwise affected by COVID-19. This includes two offshore projects from Arena Energy LP (The Woodlands, Texas) in the Gulf of Mexico that had been set for recent construction kickoffs: the $400 million EI-276-C and the $100 million ST-128-R wellhead platform drilling programs. The projects, both located of the coast of Louisiana, would have added a series of newly drilled wells to the company's offshore assets. They will not begin construction until the third quarter, with completion pushed back to December 2022 and December 2023, respectively. For more information, see Industrial Info's reports on the EI-276-C and ST-128-R projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Click here for a global list of affected projects.
Click on the image at right for a graph detailing global projects to be affected by COVID-19, by industry.The Petroleum Refining Industry has seen more of its active investments face delays or other extraordinary measures since the beginning of the week than any other industry in the U.S., largely due to three high-value capital-spending projects. The first two are at Valero Energy Corporation's (NYSE:VLO) (San Antonio, Texas) refinery in Port Arthur, Texas: a $700 million delayed coker unit addition and a $275 million sulfur recovery unit addition, both of which have seen their completion dates pushed back from first-quarter 2022 to third-quarter 2022.
The 55,000-BBL/d, four-drum delayed coker will allow the refinery to produce additional vacuum gas oil to supply both hydrocrackers at the complex, while the 600-ton-per-day sulfur recovery unit will support the delayed coker. For more information, see Industrial Info's project reports on the delayed coker unit and sulfur recovery unit, and today's article - OUCH: Refiner Valero Pares Capex on $1.9 Billion First-Quarter Loss, But Sees Signs of Rising Gasoline Demand.
No one doubts the Texas and Louisiana Gulf Coast is the refining capital of the U.S., but one place that could be more seriously affected by COVID-19 measures is the Virgin Islands, where ArcLight Capital Holdings LLC (Boston, Massachusetts) and Freepoint Commodities LLC (Houston, Texas) were preparing to wrap up the $1.4 billion restart of the Limetree Bay Refinery in Christiansted at the end of this month. The facility, which is designed to produce about 200,000 barrels per day (BBL/d) of low-sulfur fuels, diesel and gasoline, had its completion date pushed back to June at the earliest.
Earlier this month, the joint venture running the project announced a single confirmed case of COVID-19 among contractors housed at a nearby "man camp," and placed the worker in quarantine. The company announced it had designated a 30-person quarantine facility apart from the man camp, and "developed a plan to include meal delivery, and regular sanitation of the facility," in addition to commonplace measures used to enforce social distancing. The Virgin Islands, which has been economically struggling following a pair of catastrophic hurricanes in 2017, has been eagerly anticipating a restart of the refinery, which had closed in 2012. For more information, see Industrial Info's project report.
Within the U.S., the automotive sector, which is part of the Industrial Manufacturing Industry, has quickly become one of the areas most financially affected by COVID-19-related measures. The sector trails only the Petroleum Refining Industry in the amount of project investment, announced so far this week, to face delays or other issues because of the pandemic. This includes Fiat Chrysler Automobiles' (NYSE:FCAU) (London, England) $1.6 billion assembly plant conversion at its Mack Engine Plant Complex in Detroit, Michigan, which would be the city's first new assembly plant in nearly 30 years.
Fiat Chrysler plans to overhaul the Mack Engine Plant I facility and expand and reopen the idled Mack Engine Plant II, to produce the next-generation Jeep Grand Cherokee and other vehicles. Construction began in August 2019 and had been set to wrap up in fourth-quarter 2020, but the completion now has been pushed back to March 2021 at the earliest. For more information, see Industrial Info's project report.
Globally, the Oil & Gas Production Industry leads all others in investments delayed or otherwise affected by COVID-19. This includes two offshore projects from Arena Energy LP (The Woodlands, Texas) in the Gulf of Mexico that had been set for recent construction kickoffs: the $400 million EI-276-C and the $100 million ST-128-R wellhead platform drilling programs. The projects, both located of the coast of Louisiana, would have added a series of newly drilled wells to the company's offshore assets. They will not begin construction until the third quarter, with completion pushed back to December 2022 and December 2023, respectively. For more information, see Industrial Info's reports on the EI-276-C and ST-128-R projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
