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Versalis reports large second-quarter loss on low demand and declining margins

9:17 AM MDT | August 1, 2013 | Natasha Alperowicz

Versalis (Milan), an ENI (Rome) subsidiary, today reported an adjusted operating loss of €82 million ($108.8 million) for the second quarter of this year compared with an operating loss of €25 million in the second quarter of 2012. The mounting losses reflect lower volumes due to weak commodity demand impacted by the current economic downturn as well as declining benchmark cracking margins, ENI says.   The quarterly adjusted net loss increased by €54 million, from a €24-million loss in the second quarter of 2012 to a loss of...

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