How is the economic downturn affecting the petrochemical sector?
TVK: The Petrochemical Sector was among the first industries hit by economic crisis in the first half of 2008, when the decreasing demand and prices of petrochemical products were combined with rocketing raw material prices due to turbulences in commodity markets. Currently, European petrochemical sector is suffering from the triple-effect of tight demand for end-products caused by the global economic crisis, the downturn of petrochemical cycle and the low cost ME capacity additions peaking in 2009. These effects caused never been seen low level of margins and serious decrease in sales volumes. In addition, the lack of available credit to finance the operation of small and medium size companies (who are a significant part of the customers of petrochemical products) causes further sales problems. WRA: How is TVK dealing with the economic challenges? TVK: We are focusing on maintaining its cash generating ability. At the first signs of crisis (in spring of last year), we implemented a br
