RWE's oil products, petchem sales drop 15% for July-Dec

08 January 2002 11:27  [Source: ICIS news]

LONDON (CNI)--RWE's oil products and petrochemicals sales fell 15% to Euro7.6bn ($6.8bn) for the second half of 2001, the German utilities group revealed on Tuesday.

RWE intends to merge its oil products and petrochemicals activities, which form the downstream part of RWE-DEA, with Shell's oil products business in Germany. The deal was approved by the European Commission (EC) and the German cartel office last month.

RWE-DEA's upstream activities have been integrated into the RWE gas division, which achieved an 11% rise in sales to Euro1.7bn for the July-December period.

RWE, which is switching its financial reporting period to the calendar year, recorded a 9% rise in group sales to Euro32.1bn for the six month period and said it expects operating profits to increase by 18%. Growth stemmed mainly from the core businesses - electricity, gas, water and environmental services - where operating profits rose by more than one quarter, it said.

Neither profits nor earnings estimates were disclosed at individual business level but further financial details are scheduled to be published on 26 March.

By: Anna Jagger
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