1317 GMT - Eni presented a grim outlook for the European chemicals sector as it progresses its restructure of chemicals business, RBC Capital Markets analysts say in a note. Eni's chemicals business has heavily dragged net results for the last five years, mainly due to higher costs, especially compared with competition outside of Europe. The Italian energy major sees average ethylene production costs in Europe as more than twice as high as in North America, and thrice as high compared with those of the Middle East. This presents a bleak outlook, not only for chemicals but also the broader industrial landscape in Europe, which looks to be in a structural decline, with no end in sight, RBC says. Shares are up 0.9% at 13.58 euros. (christian.moess@wsj.com)
(END) Dow Jones Newswires
December 04, 2024 08:24 ET (13:24 GMT)
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