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



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index