ENI's Petchem Business Continues to Report Losses

ENI (Rome), Europe's energy major, says its petrochemicals business, comparising mainly its Polimeri Europa (Milan) subsidiary, has continued to report losses at both operating and net levels. The business reported a €46 million($68.4 million) net loss in the third quarter and €255 million in the first nine months of this year, "due to a prolonged weakness in industry fundamentals, reflecting lower end-markets demand and high competitive pressures." Third quarter operating loss was €65 million compared with...

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