Canada’s Nexen sees "solid" chemicals business in ‘04

18 December 2003 22:51  [Source: ICIS news]

TORONTO (CNI)--Canadian energy firm Nexen said Thursday it expects a "solid performance" from its sodium chlorate chemicals division in 2004.

In a statement, Nexen said cash flow at the chemicals division will improve due to growing production and lower unit costs.

Nexen said it aims to achieve cost-savings by consolidating Canadian production at its low-cost facility in Brandon, Manitoba.

Nexen, primarily an energy company, also said today it will increase overall capital project investment by Can$245m ($184m/Euro150m)to an estimated Can$1.8bn next year. The bulk of the money, some Can$1.67bn, will go to oil and gas projects.

While investment under the category "chemicals, marketing and other" will rise to Can$95m, from Can$55m in 2003, Nexen did not break out how much money will be spent on the chemicals business next year and did not offer details during an analysts’ conference call today. A call seeking clarification and additional information was not returned Thursday afternoon.

Calgary, Alberta-based Nexen has sodium chlorate facilities in Canada and in Brazil.

By: Stefan Baumgarten
+1 713 525 2653

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