Spain: Repsol posts €1.9bn Profit From Q3
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Friday, 11 November 2011 |
Spanish energy firm Repsol has posted net profit of €4.102 bn for the third quarter, a 6.4% gain on the same period last year,. The profit for the downstream unit (including refining, marketing, LPG, trading and chemicals) was €1.097bn, a 3.2% fall.
The company attributed its strong overall results to the improvement of crude oil and gas realization prices and the continued recovery of the chemicals business, as well as a strong performance from the LNG unit. A drop in sales and international refining margins constrained profits from the downstream unit. The company invested €1.067bn in this area, mainly in strategic expansion projects for the Cartagena and the Bilbao refineries to improve capacity. New units at the Cartagena refinery began tests for start-up late in September 2011, while tests began in mid-November at the Bilbao facility.
PetrolWorld 11112011
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