Prague-listed petrochemical giant Unipetrol, majority-owned by Poland’s PKN Orlen, said Thursday it anticipates an even deeper operating loss in the fourth-quarter of 2011 that it posted in Q3, due to a impairment charge on a subsidiary, foreign exchange losses and expenditures. Unipetrol said in a trading statement it would more than double its 3Q loss to book a Kč 500 million loss in the final quarter of 2011.
The Czech and Slovak governments are pushing EU leaders to reconsider “excessive” safety regulations on the chemicals industry that they claim hurt smaller businesses and undermine economic growth, the EurActiv.com news server reported Tuesday.
Poland’s Internal Security Agency (ABW) has detained the senior manager at oil & gas concern PKN Orlen responsible for the petrochemicals sector — including the Czech firm Unipetrol, in which the Polish fim has a majority stake — over suspected corruption. According to the Prosecutor’s Office in Warsaw, the investigation is looking at Marek Serafin’s alleged preferential treatment of a third party and abuse of business trust.
Prague-listed petrochemicals group Unipetrol, the largest refiner in the Czech Republic, has called an AGM for June 30 with the main agenda to include the usual end-of-year procedures — with the company’s board, controlled by Polish oil & gas group PKN Orlen, having proposed a zero dividend payout for 2010.
Prague-listed Czech petrochemical group Unipetrol announced its fourth quarter 2010 results on Feb. 10 and showed a higher than expected net loss of Kč 68 million. Market expectations had been for a net loss between Kč 30 million–40 million.
China’s Wanhua Industrial Group has seized upon the private equity crisis in Europe by acquiring Hungary’s BorsodChem for €1.2 billion, thereby creating the world’s third-largest producer of isocyanates — chemicals used in the manufacture of various foams, fibers and coatings increasingly used in the automobile industry —with the aim to dominate the European market.
Unipetrol reported third-quarter 2010 results above market expectations, and Raiffeisen has also upgraded its recommendation from “reduce” to “hold,” while citing the CO2 tax as among factors to watch.