13 November 2008 10:12 [Source: ICIS news]
LONDON (ICIS news)--Spanish energy group Repsol YPF on Thursday reported stable profits in its downstream activities over the first nine months of 2008, dropping 0.1% on the previous period to €1.54bn.
The segment was hit by lower product sales, mostly made up by wider refining margins, the company said.
Sales of petrochemical products dropped 7.6% year-on-year over the first nine months to €2.29bn, while volumes were down 1.7% to 1.19m tonnes.
Investment in the downstream business over the period was €939m compared with €588m in the corresponding period.
Repsol said it was mostly used to finance refining and chemical products as part of its 2008-12 expansion plan, as well as on operation, safety and environmental improvements.
The overall Repsol YPF group reported a 15% increase in net income to €2.82bn driven by higher oil prices and a strong euro in the first half.
($1 = €0.80)
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