A world leader in chemical industry, BASF, announced plans to invest 30 million US dollars to build a new chemical plant in the Shanghai Chemical Industry Park in Shanghai, east China.

The construction of the plant, with an annual capacity of about 8,000 metric tons, is to begin in mid-2005. The plant is scheduled to open for operation at the end of 2006.

The new plant will produce polyisocyanates, raw materials for the manufacture of automotive, industrial and wood paints, which will supply the entire Asian market.

According to company sources, BASF will gradually expand its business in coatings raw materials. Currently, BASF is already one of the leading suppliers in the market for Europe.

BASF's portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. In 2003, BASF had sales of about 33 billion euros(about 42 billion US dollars)).

BASF is one of the largest foreign investors in China. Currently, the company has more than 3,000 employees and operates 10 wholly owned subsidiaries and 9 joint ventures in Shanghai, Nanjing, Guangzhou, Jilin, Shenyang and Hsinchu.

BASF maintains offices in Hong Kong, Beijing, Shanghai, Guangzhou, Nanjing, Qingdao, Chengdu and Taipei. In 2003, BASF achieved sales of close to 1.6 billion euros in Greater China.

Source: Xinhua