Pharma Industry
Industry: Email Alert RSS FeedBP and Borealis Trim Their Capital Investment.(British Petroleum Company PLC and Borealis capital investment cuts)(Brief Article)(Statistical Data Included)
Chemical Market Reporter, August, 2001
BP AND BOREALIS announced last week big cuts in capital investment in petrochemicals following sharp drops in their operating profit during the second quarter. Next year, BP will reduce its capital investment in chemicals by 20 percent to $1 billion. The operating profit of its chemical operations has plummeted to $9 million from $370 million a year ago.
The company's chemical business in the US recorded a loss of $1 million compared to an operating profit of $196 million in the second quarter of last year, while its European chemical activities had a loss of $14 million. BP is also cutting annual costs in chemicals by $250 million. That will involve the loss of an unspecified number of jobs. "The chemical results were very disappointing...
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