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Kemira provides results update, revises 2020 outlook

October 15/2020

MOSCOW (MRC) -- Kemira has provided a brief business update and says that based on preliminary and unaudited information, the company's revenue in the third quarter was approximately EUR597 million (USD704 million) and operative EBITDA EUR113 million, said Chemweek.

In the second quarter of 2020, the company's revenue was EUR582.9 million, down 12% on a year-on-year basis.

Following the developments in the third quarter, Kemira has updated its outlook and still expects, in line with its previous guidance announced in July, that its operative EBITDA in the second half of 2020 will be lower than the EUR214 million recorded in the first half of the year, but it now expects full-year operative EBITDA to increase from the EUR410 million posted in 2019.

Kemira will announce third-quarter results on 27 October.

As MRC informed earlier, Kemira has signed a multiyear extension of its polymer supply agreement with Ithaca Energy. Kemira says it has signed a multiyear extension to its polymer supply agreement with Ithaca Energy (Aberdeen, UK). The agreement extends the contract between the two companies, signed in 2018, covering the supply of polymers to enhance oil extraction performance at one of the assets operated by Ithaca Energy in the UK North Sea.

Ethylene and propylene are feedstocks for producing PE and polypropylene (PP).

According to MRC"s ScanPlast report, Russia"s overall PE production totalled 1,712,400 tonnes in the first seven months of 2020, up by 58% year on year. Linear low density polyethylene (LLDPE) accounted for the greatest increase in the output. At the same time, overall PP production in Russia increased in January-July 2020 by 24% year on year to 1,063,700 tonne. ZapSibNeftekhim accounted for the main increase in the output.
Author:Anna Larionova
Tags:petroleum products, PP, PE, petrochemistry.
Category:General News
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