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People & Business :: Earnings/Finance
Borealis reports higher sales and profits, looking into importing US gas
9:12 AM MST | November 16, 2012 | Natasha Alperowicz
Borealis today reported a 21% increase in third-quarter net profit, to €129 million ($165 million), on 10% higher sales, at €1.92 billion. The company, owned 64% by the International Petroleum Investment Co. (IPIC; Abu Dhabi) and 36% by OMV (Vienna), is continuing to benefit from its investment in Borouge, the Abu Dhabi–based petrochemicals producer owned 60% by the Abu Dhabi National Oil Co. and 40% by Borealis. Borouge in the third quarter contributed two-thirds of Borealis’s net profit. The polyolefins business was at breakeven and base...
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