MOSCOW (MRC) -- Westlake Chemical Corporation reported record quarterly earnings in the second quarter 2021 compared to the previous year, as strong demand encouraged higher sales prices and margins, said the company.
The vinyls segment made record income, driven by higher sales prices, margins and sales volumes for polyvinyl chloride (PVC) resin market on regaining strength in the building and construction materials business.
Olefins also tracked record income from operations in the second quarter on higher sales prices and margins across the portfolio, on the back of good global demand, and tight supply, partially offset by lower polyethylene (PE) sales volumes.
Westlake Chemical Partners – partnership formed by Westlake Chemical to operate and acquire ethylene production facilities and related asset – also achieved a record net income of USD25.1m in the second quarter in line with higher demand.
"We continue to invest in our business to drive value and are creating new platforms for continued future growth," said president and CEO Albert Chao.
As per MRC, Westlake Chemical plans to begin scheduled maintenance works at its cracker at Lake Charles, Louisiana in September. The cracking unit with a capacity of 740,000 tonnes of ethylene per year (Petro 2) will be shut down for maintenance for 60 days starting from September.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods.