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Sibur posts decline in revenues and earnings on weak synthetic rubber demand

6:22 AM MDT | September 19, 2013 | Natasha Alperowicz

Sibur (Moscow), Russia’s largest petrochemicals company, has reported lower revenues and earnings for the first six months of 2013. Net profit declined 14%, to 25.5 billion Russian rubles ($781.9 million) on sales 5% lower, at R130 billion. Sibur blames weak demand for synthetic rubbers and “persisting price correction for majority of synthetic rubber grades” for the decline. However, the year-on-year (YOY) comparison was also hurt by the discontinuation of fertilizer trading in the second quarter of 2012, following the divestment of...

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