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Softening Petchem Demand Weighs on Total's Chemical Profits

5:55 AM MDT | October 28, 2011 | Ian Young

Total's chemicals business posted a 7% decline in net profits for the third quarter compared with the corresponding period of 2010, to €239 million on sales up 5%, to €4.7 billion. Operating income at Total's chemicals business dropped 37%, to €191 million. The results reflect the impact of the slowing global economy on the operations of Total Petrochemicals in Europe and North America. "In the third quarter of 2011, the environment deteriorated for petrochemicals due to softer demand," Total says. "The impact of lower petrochemical...

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