Borealis Porvoo turnaround to impact Q2 earnings

22 May 2007 13:56  [Source: ICIS news]

LONDON (ICIS news)--Borealis expects the major turnaround of its ethylene cracker and phenol unit in Porvoo, Finland, in May and June to impact its quarter two earnings, the polyolefins producer's chief executive said on Tuesday.

However, John Taylor, speaking at the company’s quarter one results presentation in Vienna, Austria, said he expected to see polyolefin prices edge up in quarter two after remaining mostly stable in the first quarter.

Naphtha prices in dollars, he said, were 6% higher in the first three months of the year, or 4% in euro terms, and there was still some price recovery to be had in polymers.

Demand, he added, was reasonable on quarter one.

Taylor said he sees both polyethylene (PE) and polypropylene (PP) returning growth at above GDP rates for the year as a whole, at around 2.0-2.5%. PP was expected to grow slightly faster than PE.

Earnings performance in quarter one was reasonable, he said, driven largely by volume increases.

By: John Baker
+44 20 8652 3214

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