Unipetrol rejected speculation that it intends to sell its petrochemical unit Chemopetrol, Dariusz Marzec, company said in its press release yesterday. ``Chemopetrol is one of the most strategic parts of the group in our effort to strengthen our petrochemical position in central European region,'' release said.
Our view:
We initially considered it as poor speculation. Chemopetrol is a main profit contributor for Unipetrol, moreover the operational links between the Unipetrol refineries and Chemopetrol are too strong to break them without causing major losses. Since we do not think the market reacted to the previous speculations, we expect the news to have a neutral trading impact on the stock.