Cepsa Posts Decline in Petchem Earnings

Cepsa's (Madrid) petrochemicals business posted a 21% drop in first-half 2012 Ebit, on a current cost of supplies basis, compared with the corresponding period of 2011, to €92 million . The first half was characterized by "exceptional activity and margins," Cepsa says. Quarterly earnings were not disclosed, but Cepsa says that its second-quarter Ebit was €11.7 million higher than in the previous quarter. Cepsa did not release a first-half 2012 sales figure, but it says that petrochemical sales volumes of 1.5 million m.t. were flat compared...

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