Owing to increased global crude oil and naphtha prices, Borealis has announced a 48% decline in net profit to EUR 71 mln for the Q2 of 2008, compared to the EUR 137 mln of the Q2 of the previous year. The net profit for the H1 2008 amounted to EUR 201 mln, a 20% decline from EUR 250 mln in the H1 of 2007. However, Borealis benefited from continued contributions from the newly formed Base Chemicals business, in particular from plant nutrients. Borouge, Borealis' joint venture with the Abu Dhabi National Oil Company (ADNOC), also contributed favourably to the softening of net profit.
Q2 saw the groundbreaking of the EUR 50 mln expansion of Borealis' Innovation Headquarters in Linz, Austria and additional investment for Borealis Innovation Centre in Porvoo, Finland. The major investment program at Borouge 2 in Ruwais, Abu Dhabi, is currently underway and the new 350,000 tpa LDPE plant in Stenungsund, Sweden, is also on schedule for completion in the H2 2009.
14-Aug-08 
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