Austria's OMV to see Q3 petchems profit despite sharp olefins downturn

19 October 2012 10:56  [Source: ICIS news]

LONDON (ICIS)--OMV saw a sharp downturn in olefin margins during the third quarter of 2012 but its petrochemical business is still expected to record a quarterly profit, the Austrian group said in a trading update on Friday.

No figures for the margins or for the likely petrochemical profit to be announced in OMV's third-quarter financial results, to be released on 7 November, was given.

Borealis, an Austria-based plastics producer 36%-owned by OMV, recorded “a slightly better performance” in the third quarter than in the previous quarter, OMV added in the trading statement.

The part-owned subsidiary was “positively influenced by favourable inventory effects and supported by a strong positive contribution from Borouge, Borealis’ joint venture with the Abu Dhabi National Oil Company,” it said.

In August, Borealis said its second-quarter net income fell 33% year on year to €112m ($145m).

($1 = €0.77)

By: Will Conroy
+44 20 8652 3214

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