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Refiners’ mixed results November 8, 2007

Posted by grhomeboy in Business & Economy.
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Hellenic Petroleum, Greece’s largest oil refiner, said yesterday nine-month net profit rose 3 percent, above market forecasts, boosted by foreign exchange gains.

Net profits came in at 226 million euros ($330.6 million), while sales fell 3 percent to 5.9 billion euros. By contrast, rival Motor Oil Hellas reported a drop in nine-month profits after refining margins narrowed and sales from trading fell. Net income fell to 119.2 million euros ($175 million) from 137.2 million euros a year earlier.

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