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Total's Chemical Earnings Dip Despite Strong Petchem Margins

4:28 AM MDT | July 29, 2011 | Ian Young

Net profits declined 10% at Total's chemicals business in the second quarter compared with the same period last year, to €247 million on sales up 15%, to €5.3 billion. The sales increase reflects a "favorable environment" for the chemicals business, Total says. The earnings figure, despite a decline, reflects strong petrochemical margins in Europe and the U.S., Total says. Net profits at Total's base chemicals segment, consisting mainly of the Total Petrochemicals business, decreased 11% year on year in the second quarter, to €132 million...

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