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TVK expects better year as margin between input and output prices rise

TVK, the petrochemicals unit of Hungarian oil and gas company MOL, expects the company's position to improve in 2011 as a result of an increasing spread between the cost of raw materials and finished products, TVK CEO Árpád Olvasó told MTI on Sunday.

TVK, the petrochemicals unit of Hungarian oil and gas company MOL, expects the company's position to improve in 2011 as a result of an increasing spread between the cost of raw materials and finished products, TVK CEO Árpád Olvasó told MTI on Sunday.

TVK's consolidated revenue increased 45.1% yr/yr to HUF 270 billion during the first nine months of 2010. Olvasó said that Budapest Stock Exchange regulations prohibit the listed company from publishing its preliminary 2010 financial data, noting, however, that TVK projected flat sales and lower operating profit for Q4 as compared to Q3 already in the Q3 report.

The TVK CEO said that, similar to last year, the company plans to make no significant investments in 2011, concentrating on improving energy efficiency and reducing carbon dioxide emissions. The company could reduce by a third the carbon dioxide quotas it will be forced to buy after the change of the quota system in 2013 as a result of the improvements TVK undertakes in energy production and olefin manufacturing. (MTI-Econews)