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Borealis posts lower profits, higher sales; Borouge, fertilizers to transform profitability

5:10 AM MDT | August 16, 2013 | Natasha Alperowicz

Borealis today reported a 26% drop in net profit in the second quarter, to €83 million ($110.7 million) on 6% higher sales at €1.89 billion. Speaking exclusively to CW this morning, Mark Garrett, CEO, said that the decline in profit was mainly due to a turnaround at Borouge, Borealis's olefins and polyolefins joint venture at Ruwais, Abu Dhabi, where the Borouge 1 and Borouge 2 facilities each underwent maintenance and did not contribute until May. Borouge nevertheless contributed 75% to Borealis’s net profit in the quarter with the rest coming...

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