Borealis Posts Lower Net Profit; Borouge, Fertilizers Make Major Contributions

Borealis, one of Europe’s largest polyolefin producers, today reported a 33% decline in second-quarter net profit, to €112 million ($138.2 million), on flat sales of €1.87 billion, citing the European debt crisis and market volatility. CEO Mark Garrett speaking exclusively to CW this morning, said that the company's base chemicals and fertilizers businesses, as well as Borouge—Borealis’s joint venture with Abu Dhabi National Oil at Ruwais, Abu Dhabi—are performing very well but that the company is "continuing to...

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