Unipetrol is scheduled to release its consolidated H1 2003 CAS results this afternoon. The company's main subsidiaries reported their H1 figures two weeks ago; they stood largely below our expectations mainly due to the poor results of Ceska rafinerska, the largest refinery in the Unipetrol group. Nevertheless, a y-o-y comparison of the subsidiaries’ consolidated figures indicated a significant overall improvement, again due to Ceska rafinerska. Ceska rafinerska’s performance is closely tied to refinery margins in Europe, where the HI 2003 average margin was 4.09 USD/barrel, +493%.
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