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Canada's NOVA chemicals is confident in the future health of PE sector

November 10/2011

(ICIS) -- Despite a third quarter operating loss of $39m (?28m) for its polyethylene (PE) segment, Canada's  NOVA chemicals is confident in the future health of that sector, the company's chief executive said on Wednesday. For the third quarter of 2011, NOVA's PE business fell by 172% from an operating profit of $54m in the third quarter of 2010, based on higher raw material costs and consistent sales volumes, the company said. PE operating profits for the first nine months of 2011 fell by 38% to $110m, from $176m during the same period in 2010.


"Over the last few months, as market prices have come off of earlier peaks, we have seen polyethylene prices move down more rapidly than ethylene declined," said Randy Woelfel, chief executive officer. "That has certainly compressed polyethylene margins to a place that doesn't make any of us happy." The PE market was reacting to a variety of outside influences, including global economic concerns, Woelfel said.


Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.


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