German BASF Sets up First Solely Funded Firm in China

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Last updated at: (Beijing Time) Friday, September 13, 2002

German BASF Sets up First Solely Funded Firm in China

The German chemical multinational BASF has set up its first solely funded enterprise, BASF Chemical Company, in Shanghai, the industrial and commercial hub in east China.

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The German chemical multinational BASF has set up its first solely funded enterprise, BASF Chemical Company, in Shanghai, the industrial and commercial hub in east China.

The newly established firm will build an integrated production line that is expected to produce annually 80,000 tons of THF and 60,000 tons of PolyTHF, both to be used mainly in the textile industry, particularly the elastic fiber industry, said a company source here Friday.

In particular, the company will use BASF's patented new technologies to transform butane directly into THF and PolyTHF to avoid any secondary product in the process, he said.

BASF valued the China market and wished to be heavily involved in its tense competition, said Dr. Stefan Marcinowski, member of the board of executive directors of BASF AG.

Reducing costs and improving productivity through the use of new technologies would be the only way to beat the company's rivals, he said.

Located in the Caojing Chemical Industrial Zone in the south of the city, BASF Chemical Co. is scheduled to start operation in 2004. Some of its products will be exported to other Asia-Pacific countries and regions.

The global chemical giant had invested 600 million US dollars in eight joint ventures in China by the end of last year.

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