BP Reports 60% Decrease in Petrochemical Earnings

BP says that earnings on a replacement cost basis, before interest and taxes, for its petrochemical business in the fourth quarter of 2011 were $96 million, 60% lower than the $243 million reported in the same quarter of 2010. Sales figures were not disclosed but BP says petrochemicals production also decreased 4% year over year, from 3.72 million m.t., to 3.58 million m.t. Weakening market conditions, as additional Asian capacity came onstream at a time of weaker demand, affected the fourth-quarter results, the company says. BP and IndianOil signed, in November...

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