FRANKFURT, March 26 — German chemical titan BASF officially opened a giant, €8.7 billion (RM40.1 billion) production complex in China today, a major but controversial expansion...
A man stands in front of a cargo ship in the harbour of BASF’s Zhanjiang site. The German chemical giant’s third-largest plant worldwide in Zhanjiang is the largest single investment in the company’s history and is intended to strengthen the group’s presence in China.
— AFP picand enjoy FREE RM10 & when you sign up using code VERSAMM10 with min. cash of RM100 today! T&Cs apply.FRANKFURT, March 26 — German chemical titan BASF officially opened a giant, €8.7 billion production complex in China today, a major but controversial expansion in the world’s number two economy. The complex in Zhanjiang, Guandong province, sprawls over an area of about four square kilometres and brings together numerous plants producing a vast array of chemicals. It is the biggest ever investment project by BASF, which has long insisted that expanding in China, the world’s biggest chemical market, is necessary to ensure its future prospects. “China remains the market offering the greatest growth for our industry,” BASF CEO Markus Kamieth said in an interview with the Handelsblatt financial daily this week. “The strong focus on new industries, renewables, and the green transition is a huge opportunity for an innovative chemical company like BASF.” The greater focus on Asia comes with Germany’s crucial chemical sector in crisis as it battles high energy costs, red tape and fierce competition, in particular from Chinese producers. But the Chinese project has proven controversial at a time that the world’s biggest chemical company has embarked on a major cost-cutting drive in its home market. BASF has been axing jobs at its historic site of Ludwigshafen in southwest Germany, and announced in February that it planned to cut back-office jobs in Berlin and shift them to India. There have also been concerns about boosting investments in Communist Party-ruled China, particularly after Berlin urged companies to “de-risk” from the country by diversifying into other markets. BASF has run into problems before in China; last year the company exited two joint ventures in the Xinjiang region after its local partner was alleged to have participated in rights abuses against the local Uyghur minority. In addition, analysts have questioned whether the investment will pay off -- the Chinese economy is facing a long slowdown and there is already overcapacity in the market. Over 2,000 people are employed at the Zhanjiang site, which will produce a range of chemicals for sectors ranging from transport to consumer goods and electronics.
China Chemical Market Guandong Province Investment Markus Kamieth Renewables Green Transition Ludwigshafen Job Cuts
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
German president calls Iran war a ‘disastrous mistake’, in rare rebuke of TrumpBERLIN, March 24 — The Iran war is a “disastrous mistake” that breaches international law, Germany’s president said today in an unusually blunt rebuke of US President...
Read more »
Taiwan Fears China Exploiting Middle East War to Gain AdvantageTaiwan is concerned that China may use the distraction of the war in the Middle East to increase military pressure and influence, potentially through propaganda and observations of US military operations. They fear China will try to undermine confidence in US weapons and exploit any perceived shift in US military resources.
Read more »
China hits mineral jackpot, massive rare earths, fluorite and barite haul found in SichuanBEIJING, March 25 — China has achieved significant breakthroughs in the exploration of three key minerals — rare earths, fluorite, and barite — in its southwestern Sichuan...
Read more »
China shipping giant Cosco restarts Gulf shipping bookings, signals cautious return to HormuzBEIJING, March 25 — Chinese shipping giant Cosco said today that it was resuming new bookings for container shipments to some Gulf countries, after a three-week suspension in...
Read more »
China yam with human ‘fingernails’, 260 free meals, lottery win after lifetime of playingMarch 24 (Reuters) - Karolina Muchova needed all of her experience to hold off rising Canadian teenager Victoria Mboko 7-5 7-6(5) on Tuesday, booking a place in her first Miami Open semi-final in a match she admitted could have gone either way.
Read more »
China backs revitalised sister-city ties with SabahMarch 24 (Reuters) - Anduril and Palantir Technologies are working together to develop software for U.S. President Donald Trump's Golden Dome antimissile shield initiative, a source familiar with the matter said on Tuesday.
Read more »