Yara talks of firm Q2

Robinson, Simon
July 2006
ICIS Chemical Business;7/24/2006, Vol. 1 Issue 29, p11
Trade Publication
This article states that Yara International reported strong results for the second quarter (Q2) of 2006, and managed to offset increased energy costs by energy arbitrage gains of € 38m/$48m, higher fertiliser prices and currency gains. However, high gas costs have forced it to idle ammonia and urea production in Le Havre, France. The timing of any restart is dependent on gas prices, but Yara says it anticipates higher prices for the next two quarters. President and ceo Thorleif Enger said that Yara's energy arbitrage action in Q2 supplements our expansion in low-cost gas regions, to counteract negative European energy cost developments. Yara estimates its gas costs in Europe will rise over the next two quarters, but expects the rise in proportion of low-cost gas will reduce its average gas cost from the Q2 peak.


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