BASF, SINOPEC to create Sustainable Business Development Council in China

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Last updated at: (Beijing Time) Saturday, October 26, 2002

BASF, SINOPEC to create Sustainable Business Development Council in China

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The world's largest chemical company, BASF of Germany, has announced plans to set up a joint Sustainable Business Development Council in Beijing in collaboration with SINOPEC, China's leading petrochemical firm.

All companies interested in sustainable business development in China are welcome to join the council, Dr. Jurgen F. Strube, chairman of BASF's board of executive directors, said at a press conference of Chinese journalists here on Friday.

The council is the brainchild of Dr. Dietmar Nissen, president of BASF East Asia Regional Headquarters Ltd, who knows China very well, according to the BASF chairman.

During the press conference, Dr Strube focused on sustainable development and on its three principles of economic development, ecological protection and social responsibility.

He reminded the reporters that, in the West, chemical companiesare often blamed for pollution, but pointed out that these companies have also found most of the solutions for environmental protection.

The company chief explained that the German word "Verbund", or "highly integrated" in English, sums up the BASF concept.

He cited the Integrated Petrochemicals Site in Nanjing, east China, as a good example of the "Verbund" concept.

Under "Verbund", a project involved several companies, and the waste of one plant became the resource material for another, he explained. "Verbund" was compatible with sustainable development, he said.

Dr. Jurgen Hambrecht, a member of the board of executive directors, explained BASF's investment strategy in China. BASF's priority was to use its own money to set up factories in China, but it has not ruled out the possibility of mergers or acquisitionof local companies.

BASF began selling its dyestuffs in Shanghai, east China, in 1885, and now has two wholly-owned and eight joint-venture production plants in China, which currently employ a total of 2,600 people.

The company plans to increase its production and market share in Asia, and by 2010, hopes to make 20 percent of its sales and earnings from Asia.

Jorg Wuttke, chief representative of BASF (China) Company Limited and chairman of the German Chamber of Commerce in China, linked BASF's growing investment in China with good Sino-German relations.

Earlier this month, the German Chamber of Commerce in China organized a large exposition of German-funded companies in Beijing,to celebrate the 30th anniversary of the establishment of diplomatic ties between the two countries.

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