(174,25 CZK, 0,00%) reduced output at its ethylene unit today following a technical problem with cooling units, it said in a statement on its website. The refiner is making steps to restore the production to standard capacity, according to the statement.
We view the news as negative. There are no suggestions on how serious was the damage and how long will last the restoration works. There should be a negative impact on the company’s 2Q11 profits however the exact amount is still unclear.