IP Week goes ahead but more events canceled in London on coronavirus fears

London — IP Week is going ahead in London next week but a growing number of oil industry events, evening receptions in particular, are being canceled as many companies take a cautious stance because of the coronavirus outbreak in China and the Asian trading hubs of Hong Kong and Singapore.

"IP week will be quiet since a lot of people are cancelling," a trader said.

"I heard a few of the big parties are canceled," another trader said.

Amongst the latest event to be cancelled is Azerbaijani state oil and gas company Socar's party, typically the largest party in IP Week, which was this year scheduled to take place at the Savoy Hotel in Mayfair on Tuesday.

"We are sorry to inform you that we are cancelling our traditional SOCAR IP Week Cocktail reception scheduled for Tuesday 25th February 2020," Socar wrote to guests Tuesday. "We made this difficult decision because of recent developments concerning the spread of the coronavirus. In this context, we are giving priority to the health and safety of our business partners and employees. "

Other receptions being cancelled are: ExxonMobil's, Vopak's, Bureau Veritas', and at least three more whose host companies have yet to confirm officially.

"Due to recent global developments concerning the spread of the coronavirus and after careful consideration, we unfortunately had to decide to cancel this year's [event]," a European company that hosts a party at every IP Week said in an email.

Moreover, London-based BP said earlier this week that staff would not be attending any event during IP week, and Madrid-based Repsol said that no staff would be coming to IP Week.

While a lot of Asia-based oil traders had confirmed last week they would not come to London, many Europe-based and major Geneva-based traders were not sure whether they would make the trip as European companies are advising their employees only to travel when necessary with not just Asian travel restricted.

"Unfortunately, with the virus, we aren't sure what company travel policy will be yet so IP week slightly up in the air for me," a third trader said.

"I am not coming," a fourth trader based in Switzerland said.

However, the Energy Institute, which runs the main IP Week conference and dinner, said: "IP Week 2020 conference and Dinner is full steam ahead for next week. Senior figures including the new CEO of BP, the CEO of Masdar, the CEO of Vitol, the UK Chair of Shell, the President of E&P Total, the Executive Director of the IEA and many others will be speaking at a vital conference focused on the industry's response to the climate emergency. Common sense precautions are being taken on coronavirus and delegates are being advised in line with the latest advice of the UK Government."

Meanwhile, a trader at Italian refiner Saras said his company's party was still taking place Monday evening, while a trader at Kuwait Petroleum Corporation said the KPC party would go ahead.

"All our delegation is coming," the KPC trader said.

Europe's premier oil event, International Petroleum week takes place every February in London and is due to kick off this year on Monday.