Austria's OMV Q4 petchem margins stable; sales volumes down

30 January 2014 08:20  [Source: ICIS news]

LONDON (ICIS)--OMV’s fourth-quarter 2013 petrochemical margins were relatively stable year on year, but its petrochemical sales volumes declined, the Austrian company said in a trading statement on Thursday.

Naphtha spreads increased somewhat but these were largely offset by a further reduction in gasoline spreads,” the oil, gas and petrochemicals group said.

OMV also noted that Borealis – an Austria-based plastics producer in which it holds a 36% stake – delivered a strong contribution in the fourth quarter, driven by solid polyolefin and base chemicals business, as well as an increased contribution from Borouge.

Borouge is Borealis' petrochemical joint venture with the Abu Dhabi National Oil Company (Adnoc).

In oil production, OMV said fourth-quarter production levels in Libya were significantly below those from the previous quarter due to security issues, but that output from its newly-acquired Gullfaks asset in the North Sea compensated for the decline.

OMV's fourth-quarter earnings – due to be published on 19 February – would include net special charges in the operational result of approximately €190m mainly from an impairment charge on the Etzel gas storage asset in Germany, the company said.

By: Will Conroy
+44 20 8652 3214

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