19 July 2012 09:39 [Source: ICIS news]
LONDON (ICIS)--PKN Orlen’s petrochemical sales volumes during the second quarter declined 3% year on year to 1.18m tonnes, the Poland-based producer said in a trading statement on Thursday.
Petrochemical sales volumes during the same period were 14% down from the 1.38m tonnes recorded in the first quarter of 2012, it added.
The decrease in petrochemical sales was mainly caused by market expectations of lower prices following a slide in crude oil prices, Orlen said.
“Volumes were somewhat weaker than expected, particularly in petchems, which is somewhat worrying,” said Robert Rethy, an analyst at WOOD & Company investment bank, after analysing the refining and petrochemical numbers published by Orlen.
Orlen’s second-quarter model petrochemical margin was €772/tonne, 3% down year on year but 25% up quarter on quarter, according to the trading statement.
The group forecast its operating profit for the second quarter would be approximately zlotych (Zl) 400m ($118m, €96m) compared with Zl1.0bn in the same quarter of last year.
A maintenance shutdown at Lithuanian refining unit Orlen Lietuva had a substantial negative impact on Orlen's group profitability, the company said.
Orlen will publish its second-quarter results on 26 July.
($1 = Zl3.40, €1 = Zl4.17)
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