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SK Energy’s Petchem Business Reports Fall in Second-Quarter Profits

12:36 AM MDT | July 23, 2010 | Deepti Ramesh

SK Energy (Seoul) says its petrochemical business recorded a 42% fall in operating profits for the second quarter, to won149.5 billion ($125 million), compared with the year-ago period. Sales for the petchem business increased 26%, to won3.2 trillion. The business was affected by “weak ethylene spreads since late May caused by increased supply from new Mideast capacity” and “weak polymer spreads from increase in regional supply with inflow of low-cost Mideast products and increase in Chinese production volume,” SK Energy says. Weak...

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