Ineos Group reported declining third-quarter operating earnings at its two main petrochemical businesses as pricing support linked to second-quarter Middle East supply disruptions faded. The trading updates were released on October 22 and 23.
Ineos Quattro Holding, which houses Styrolution, Inovyn and the acetyls and aromatics businesses, posted quarterly EBITDA of €162 million, down from €407 million in the second quarter and €177 million a year earlier. Ineos said pricing support seen in the previous quarter did not continue into the third quarter.
Ineos Group Holdings, covering North American and European olefins and polymers plus chemical intermediates, reported EBITDA of €703 million, down from €1.13 billion in the prior quarter but up from €375 million a year earlier. The company said Middle East exports were significantly reduced and feedstock shortages slowed Asian production, while low US ethane prices expanded North American margins.
Inovyn's chlor-vinyls business recorded EBITDA of €13 million versus €64 million a year earlier, hit by weak European demand, strong import competition and high electricity and gas costs. Styrolution EBITDA fell to €64 million from €94 million.
The aromatics business posted EBITDA of €45 million, reversing a year-earlier loss of €8 million, on improved US and Asian margins and higher paraxylene contract prices. Acetyls EBITDA rose to €40 million from €27 million, supported by higher Chinese acetic acid prices.
