Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Top oil gathering in London subdued as virus fears cut travel plans

share with twitter share with LinkedIn share with facebook
share via e-mail
02/12/2020 | 11:45am EDT
FILE PHOTO: A worker checks the temperature of a passenger arriving into Hong Kong International Airport with an infrared thermometer

The gathering of the world's top oil traders, London International Petroleum Week, will be less crowded this year as the bulk of traders in Asia plan either to cut or cancel their Feb. 24-27 travel plans due to the coronavirus outbreak.

The virus, which originated in China late last year, has claimed over 1,100 lives and spread to other countries. Japan, which shares the rank of the world's top energy importers with China, has the second largest number of cases.

World Health Organization (WHO) has warned the epidemic poses a global threat akin to terrorism.

IP Week, the oil industry's main annual gathering, is also known for its lavish evening parties where companies and traders cement business deals struck during the day.

South Korean refiners GS Caltex and SK Innovation, owner of SK Energy refiner, told Reuters they week not going to attend IP Week this year amid virus outbreak.

"GS Caltex is not attending the IP week in the aftermath of China's virus outbreak," its spokesman said. SK Innovation official said his company will rely on its London-based staff as the Singapore office had decided to skip the event this time.

China's staff of Petrochina, Tokyo offices of Japan's Mitsubishi, Mitsui and Inpex along with Singapore offices of European majors, Eni and Total, were recommended to miss IP Week this year, sources familiar with the plans told Reuters.

"We had several meetings in London with Asian counterparties cancelled," a trader working in the Asian market and based in Europe said. He added his bosses were also considering skipping the event this year.

Several Chinese independent or "teapot" refiners also cancelled its trips to London IP Week this year, two traders working with the companies said.

JPMorgan's China team was also asked not to attend IP Week events, a source told Reuters. According to two other sources in Asian companies, the main concern is that travellers from Asia may be quarantined on arrival, ruining their business plans.

"As a result of travel bans imposed by a number of governments in Asia, some speakers and delegates will understandably not be attending, including all from mainland China," a spokesman of Energy Institute, the host of the main IP Week conference, said in a reply to Reuters enquiry.

"IP Week is going ahead as planned and delegates are being advised in line with the latest advice of the British government," he added.

A Mitsubishi official said that its oil staff will attend the IP Week as planned.

A Mitsui spokesman said most of its London-based staff would take part in the event, declining further comment. An Inpex spokesman said staff planned to attend, but it was "treating the COVID-19 outbreak with concern ... closely monitoring the situation."

"Several people from Total will attend the IP Week, including some coming from our Singapore offices," a press representative of Total told Reuters.

Eni declined to comment. Petrochina and JPMorgan did not reply to requests for comment.

(Reporting by Olga Yagova in MOSCOW, Jane Chung in SEOUL, Ron Bousso in LONDON, Aaron Sheldrick in TOKYO, Additional reporting by Bate Felix in PARIS; Writing by Olga Yagova; Editing by Katya Golubkova and David Evans)

By Olga Yagova, Jane Chung and Ron Bousso

Stocks mentioned in the article
ChangeLast1st jan.
CARDINAL HEALTH, INC. 1.11% 49.99 Delayed Quote.-7.85%
CARDLYTICS, INC. 5.75% 39.91 Delayed Quote.-40.33%
ENI SPA 1.21% 9.428 Delayed Quote.-32.65%
GS HOLDINGS LIMITED 3.85% 0.405 End-of-day quote.-3.57%
INPEX CORPORATION 2.63% 632.2 End-of-day quote.-3.63%
JPMORGAN CHASE & CO. 4.38% 93.32 Delayed Quote.-35.83%
LONDON BRENT OIL -2.22% 33.03 Delayed Quote.-47.14%
MITSUBISHI CORPORATION 0.26% 2139 End-of-day quote.-0.53%
MITSUI & CO., LTD. 0.35% 1436.5 End-of-day quote.0.81%
MITSUI FUDOSAN CO., LTD. 0.99% 1836.5 End-of-day quote.1.69%
PETROCHINA COMPANY LIMITED -1.70% 4.63 End-of-day quote.-2.11%
TOTAL S.A. 1.33% 34.265 Real-time Quote.-31.27%
WTI -2.85% 26.151 Delayed Quote.-59.76%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Companies"
11:51aFIAT CHRYSLER AUTOMOBILES : Rocky Mountain Automotive Press Association Names All-new 2020 Jeep Gladiator 'Truck of the Year'
11:51aLEIDOS : Australia adds aeronautics to Land 129 Phase 3 project bid
11:51aLEIDOS' : Xpose portable x-ray system named 2020 Silver Edison Award Winner
11:51aToyota Group Announces Support Measures for the Frontlines of the Medical Sector and Medical Products
11:51aGENERAL ELECTRIC : GE Gets License to Sell Engines for New Chinese Jet, Reuters Says
11:50aU.S. finalizes minimum service rules for airlines receiving assistance
11:50aUNITED PARCEL SERVICE : FEMA'S 'Project Airbridge' Takes Flight With 25 UPS Charter Flights, Dedicated FEMA Distribution Center
11:50aBLONDER TONGUE LABS : Schedules Conference Call to Discuss Fourth Quarter and Full Year 2019 Earnings Results - Labs, Inc
11:50aALTAMIR : 2020 Outlook for Altamir
11:49aEnergy Activity Plunges in 1Q Amid Oil Rout -- Kansas City Fed
Latest news "Companies"