Phenol/acetone, LAB, drive 21% uptick in CEPSA H1 petchems profit

Source: ICIS News

2017/08/04

LONDON (ICIS)--CEPSA’s petrochemicals division profits rose 21% year on year for the first half of 2017 as a result of higher linear alkyla benzene (LAB) and phenol/acetone sales, the Spain-headquartered oil and gas firm said on Friday. Post-tax net profit for the division rose to €60m on a clean current cost of supplies (CCS) basis, while group profit doubled year on year to €466m on the back of firmer crude pricing and improved refining margins, the company added. Fuel and petrochemical products buoyed first-half refining and marketing post-tax CCS net profit, which rose 64% year on year to €321m, while the exploration and production division swung from a €19m net loss during the period in 2016 to €83m. During the first half of 2017, CEPSA increased LAB capacity in Brazil by 40,000 tonnes/year to 260,000 tonnes/year. The material is used biodegradable detergents. CEPSA is owned by Abu Dhabi sovereign fund Mubadala.