22 May 2008 11:31 [Source: ICIS news]
MOSCOW (ICIS news)--Ukraine's Karpatneftekhim plans to shut down its petrochemicals production facilities for a two and a half months due to high feedstock costs, the company said on Thursday.?xml:namespace>
"Now it's more economically beneficial to continue paying salaries to employees but halt production," Karpatneftekhim CEO Sergei Chmykhov said.
The company’s monthly operational losses were up from $5.5m (€3.5m) in February to $10m in April, the company added.
Meanwhile, the company also announced plans to invest more than $500m in new caustic soda, chlorine and PVC facilities by 2014.
Karpatneftekhim, based in Kalush, western ?xml:namespace>
($1 = €0.63)
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