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TVK profit rises as margins improve

November 10/2014

MOSCOW (MRC) -- Net income of Hungarian petrochemicals company TVK, a unit of oil and gas company MOL, rose 87% to HUF 4.8 bln in Q3 from the same period a year earlier as margins improved, an earnings report published today shows, said Bbj.

Revenue fell 7% to HUF 94.9 bln, but cost of raw materials and consumables dropped over 10% to HUF 82.5 bln and total operating costs were down more than 9% at HUF 88.3 bln.

As MRC wrote before, Tisza Chemical Group (TVK) approved the basic engineering package submitted by the Lurgi/OTF consortium for a new 130,000-t/y butadiene unit to be built in Tiszaujvaros, Hungary. TVKs MOL subsidiary last year notified the Budapest Stock Exchange of its plan to build a butadiene plant in
Tiszaujvaros, but did not disclose the plants capacity or a construction schedule.

Tiszai Vegyi Kombinat (TVK) is a Hungarian manufacturer of olefins and polyolefins such as polyethylene and polypropylene. Feedstock is supplied by MOL of which TVK is a subsidiary and which also processes a major portion of resulting by-products from the olefins plant.
Author:Anna Larionova
Tags:PP, PE, ethylene, petrochemistry, TVK, Hungary.
Category:General News
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