Unipetrol reports improved Q2 petchem performance

29 July 2010 09:33  [Source: ICIS news]

PRAGUE (ICIS)--Czech petrochemical producer Unipetrol reported improving propylene and polypropylene (PP) spreads during the second quarter and firm margin improvements across its olefin and polyolefin businesses, the company said in a trading statement on Thursday.

Unipetrol's model olefin margin increased by 42.5% to €318/tonne ($413/tonne), while its model polyolefin margin rose by 13.3% to €279/tonne, compared with the second quarter of last year, it added.

The April to June period also saw the company experience improved olefin and benzene sales, partly because of scheduled and sudden shutdowns at competitors' plants in Europe, Unipetrol said.

Ethylene sales rose from 35,000 tonnes to 51,000 tonnes year on year, while benzene sales climbed from 40,000 tonnes to 53,000 tonnes. Ammonia sales, however, fell to 33,000 tonnes from 61,000 tonnes.

Overall, petrochemical sales moved up to 472,000 tonnes from 454,000 tonnes, the company added.

Despite refining margins falling slightly and foreign exchange movements that could cost the company around €4m, Unipetrol expected to record a better operating result for the second quarter than it achieved in the first quarter, it said.

Unipetrol, 63%-owned by the Polish PKN Orlen group, is due to release its full second-quarter results on 31 August.

($1 = €0.77)

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By: Will Conroy
+44 20 8652 3214

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