Eni Reports Deeper Operating Losses in Petrochemicals

Eni (Rome) says operating losses at its petrochemical business more than doubled in the fourth quarter of 2011, to €154 million ($202 million) compared with €74 million in the year-ago quarter. Sales of petrochemical products were down by approximately 9%, to €1.34 billion including 9.6% and 9.9% decreases in basic petrochemical and polymer sales, to €586 million and €695 million, respectively, Eni says. Eni's petrochemical production declined 17.6% in the fourth quarter, to approximately 1.4 million m.t. compared with approximately 1.7...

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