ENI's chemical losses mount; restructuring of the business continues

Versalis (Milan), ENI’s chemicals subsidiary, reports an adjusted operating loss of €117 million ($156 million) in the fourth quarter of 2012, an improvement of €34 million from the fourth quarter of 2011, ENI announced today. The improved performance was mainly due to slightly better margins at the company’s cracker units, which benefited from lower supply costs of oil-based feedstock and positive currency effect. In full 2012, however, the business reported sharply higher operating losses rising to €485 million from €273 million...

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