Improved Borealis polyolefins business to buoy OMV Q3 results

18 October 2013 10:00  [Source: ICIS news]

LONDON (ICIS)--Borealis enjoyed improved European polyolefins business during the third quarter of the year, part-owner OMV said on Friday, adding that Borealis’ performance is likely to boost the Austria-based chemicals producer’s own upcoming third-quarter results.

The positive contribution to OMV’s third-quarter results – due to be released 7 November -  , is also driven by positive inventory effects and another solid contribution from Borouge, Borealis' petrochemical joint venture with the Abu Dhabi National Oil Company, it added. Borealis is 36%-owned by OMV.

Commenting on the third-quarter performance of its own petrochemical division, OMV stated, “Margins were negatively affected by increasing naphtha prices which was, however, partially compensated by higher sales volumes compared to the second quarter of this year.”

OMV's oil production fell in the third quarter compared to the previous quarter, after the company faced further security issues and strikes in Libya and Yemen.

OMV's results for the period would also be hit by net special charges of approximately €100m ($135m), mainly from the writedown of an exploration and production asset in the Kurdistan region of Iraq, the company said.

($1 = €0.74)

By: Will Conroy
+44 20 8652 3214

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