Losses Widen for ENI's Petchem Business

ENI (Rome) says its petrochemical business recorded deeper adjusted net and operating losses of  €114 million ($151 million) and €162 million in the first quarter of 2012 compared with losses of €5 million and €12 million in the corresponding quarter of 2011, respectively. "Surging costs for oil feedstock, which squeezed unit margins as product demand tracked a recessionary environment," impacted the performance of ENI's petrochemical business, the company says. This had a negative affect, mostly, on basic chemical...

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