Borealis, Owners and Joint Ventures
Austria’s OMV petrochemical margins improve in Q1, sales up
ICIS News : 26-Apr-13 08:12
LONDON (ICIS)--Austria’s OMV saw improved quarter-on-quarter petrochemical margins and better petrochemical sales volumes in the first three months of 2013, the company said in a trading statement on Friday.
OMV, which did not release any figures on the better performance, added that Borealis, an Austria-based plastics producer in which it holds a 36% stake, made a weaker first-quarter contribution to its overall business than it did in the same period last year.
“[This was] driven by a weak European polyolefin market environment and a planned turnaround of Borouge [Borealis' joint venture with the Abu Dhabi National Oil Company], and was partly compensated by a good base chemicals business performance,” OMV said.
The first quarter also saw weaker naphtha spreads, quarter on quarter, the company added.
In oil production, the company enjoyed better output in Yemen and Libya, OMV noted.
OMV, an oil, gas and petrochemicals group, is scheduled to publish its first-quarter results on 14 May.
By Will Conroy
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