Net profits soar in 2015 on strong margins and Borouge 3 start-up / Sales fall by 8% year-on-year

摘要

Borealis [Vienna / Austria; www.borealisgroup.com) achieved a 73% hike in net profits to EUR 988m in 2015, thanks to stronger polyolefins margins, the start-up of the Borouge 3 project and a higher contribution from the base chemicals business. Group net sales, however, fell by 8% to EUR 7.7 bn. "2015 saw historically high integrated polyolefin industry margins," said CEO Mark Garrett. "Despite lower feedstock costs, polyolefin prices did not retreat to the same extent, driven by a tight market as a result of solid demand combined with a supply shortfall, in particular resulting from unplanned production stops." Also, polyolefin imports to Europe have been uncompetitive following the euro's weakness. The group said Borouge, its joint venture with Abu Dhabi National Oil (Abu Dhabi / UAE; www.adnoc.com), continued to start up its new Borouge 3 complex throughout 2015.