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Borealis is planning for a lower-growth scenario in 2012 because of the debt crisis in Europe

November 11/2011

(ICIS) -- Austria-based Borealis is planning for a lower-growth scenario in 2012, because of the debt crisis in Europe, the polyolefins company's CEO said on Friday. Borealis reported strong third-quarter results, with profit reaching ?107m ($145m), but CEO Mark Garrett said the companys outlook for 2012 depends on decisions EU leaders make about the eurozone debt crisis. We wouldnt be confident of repeating this year's results, because 2011 is on track to be a record year for us, he said.


Europe really needs Germany to play the leading role, because the UK has problems of its own and France wont be able to get [Europe] out of it, because it doesnt have the industrial base to do it it has to come from Germany, he added. Politicians do not have a choice and they have to find a solution, which is why we are planning with a low-growth scenario for next year, Garrett said.


Meanwhile, the company is working on its polyolefins expansion project, Borouge 3, part of a joint venture with Abu Dhabi National Oil Company (Adnoc). Were on schedule, but the peak of building is at the end of 2012, early 2013. But we expect in 2015 to really see the next step change in profitability in Borealis, Garrett 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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