[en] In 2003, refining margins showed a clear improvement that continued throughout the first three quarters of 2004. Oil companies posted significantly higher earnings in 2003 compared to 2002, with the results of first quarter 2004 confirming this trend. Due to higher feedstock prices, the implementation of new capacity and more intense competition, the petrochemicals industry was not able to boost margins in 2003. In such difficult business conditions, aggravated by soaring crude prices, the petrochemicals industry is not likely to see any improvement in profitability before the second half of 2004. (author)