This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at El área química de Repsol YPF incrementa su resultado operativo un 60 por ciento en 2003
The chemical area of Repsol YPF increases its operating result by 60 percent in 2003
27/02/2004
on February 27, 2004
This result, which reached 155 million euros, was the result of the largest international margins basic petrochemical and derivative in Latin America (urea and methanol), as well as the largest volume of sales. The average international margins for the year 2003 can qualify-low cycle, slightly higher than the previous year.
In this sense, are the largest margins of urea and methanol, motivated by the high prices of natural gas in United States and the favourable evolution of the margins of basic chemistry in the first half of the year.
The year 2003 was a year record in sales in chemistry, reaching 4 million tons, a 13.6 per cent more than in 2002, the increase in sales of methanol and urea being remarkable.
Investments in chemistry in 2003 amounted to 81 million euros, level 9 per cent lower than the year 2002 and which was destined to make operational improvements to the existing units.
In the General accounts of all divisions, Repsol YPF won the 2003 net profit attributable 2.020 billion euros, a 3.5 per cent higher to 2002, in an exercise that the company registered its all-time high of productionHe obtained significant increases in all their business results and passed successfully the commitments laid down for the year.
This level of results is especially significant if one takes into account the negative effect of the increase of 61.6 per cent in the rate of the company, and produced in the accounts of the European oil companies by the depreciation of the dollar against the euro.
More information: www.repsolypf.com
