Top Chemical Company Eyes Chinese Market

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Last updated at: (Beijing Time) Saturday, July 26, 2003

Top Chemical Company Eyes Chinese Market

BASF, one of the largest chemical companies in the world, recently launched a 290-million-US-dollar PolyTHF (polytetrahydrofuran) production base in Shanghai, the largest of its kind in the world.

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BASF, one of the largest chemical companies in the world, recently launched a 290-million-US-dollar PolyTHF (polytetrahydrofuran) production base in Shanghai, the largest of its kind in the world.

The new project, bringing to 17 the total number of BASF-fundedprojects in China, with an annual capacity of 60,000 tons of PolyTHF and 80,000 tons of THF (tetrahydrofuran), is BASF's first investment project in China that is wholly-owned right from its inception, according to company sources.

The transnational company has increased its investment in the country in recent years. In 2000, BASF invested in a three-billion-US-dollar integrated petrochemical project in Nanjing, capital of Jiangsu Province, east China, and early this year, it joined handswith the China Petrochemical International Co., Ltd. to operate a financing project worth 14 billion US dollars.

In an interview with local media, Andreas Kreimeyer, member of the Board of Executive Directors of BASF, showed his confidence inChina's fast-growing market. While local companies are growing rapidly, many overseas firms are opening more factories in the country, thus creating greater domestic demands in China, he noted.

Dr. Dietmar Nissen, president of BASF East Asia Regional Headquarters Ltd, spoke highly of China's investment environment. He said that the company has been proceeding smoothly with all itsinvestment projects in China.

According to its annual report for 2002, BASF achieved a globalsales of 34 billion US dollars. So far, it has opened plants in 39countries, with a total staff of 89,000, and has customers in 170 countries.

BASF has been listed on the stock exchanges of Frankfurt, London, New York, Zurich and Paris.

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