Borealis (Vienna / Austria; www.borealisgroup.com) saw operating profit rebound strongly in the second quarter of 2010, to EUR 126m from EUR 27m a year earlier. For the second half, the group reported operating income of EUR 187m after a loss of EUR 45m in the 2009 period. Quarterly net profit rose 163% to EUR 92m. For the first half, the figure was EUR 146m after a loss of EUR 21m. The polyolefins giant attributed part of the upturn to “further improving margins,” as it was able to increase its selling prices after feedstocks tumbled from their April peak. Base Chemicals contributed “positively,” with volume growth and improved margins in feedstocks and olefins.

Net debt increased during Q2, driven by “the higher margin environment,” Borealis said. Backed by owners International Petroleum Investment Company (IPIC, Abu Dhabi / UAE; www.ipic.ae) and OMV (Vienna / Austria; www.omv.com), the group is continuing its ambitious expansion scheme across its portfolio and regions. “Our start-ups in Europe and the Middle East are progressing well," commented CEO Mark Garrett, while at the same time warning that “as the world economy remains volatile, we need to remain cautious in the short term.”

In June this year, Borealis awarded contracts worth USD 3.7 bn for the “Borouge Q2 3” project in Ruwais / United Arab Emirates – see Plasteurope.com of 04.06.2010. In news interviews following the quarterly report presentation, Garrett declined to be drawn on whether a “Borouge 4” is already on the drawing board.