BASF complex in Ludwigshafen, Germany. Credit: BASF
Businesslend: BASF to downsize 'permanently' in Europe
BASF has stated it should downsize “permanently” in Europe, with excessive power prices making the area more and more uncompetitive.
The assertion from the world’s largest chemical substances group by income got here after it opened the primary a part of its new €10bn plastics engineering facility in China a month in the past, which it stated would help rising demand within the nation.
“The European chemical market has been growing only weakly for about a decade [and] the significant increase in natural gas and power prices over the course of this year is putting pressure on chemical value chains,” chief govt Martin Brudermüller stated on Wednesday.
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WNU Editor: BASF downsizing its operations in Europe and moving elsewhere is a shock.
This company provides critical materials and supplies to numerous companies throughout Europe and is critical to the industrial base of Europe. If BASF closes down, these companies that employ hundreds of thousands will also be force to close. To say that this is a recipe for mass unemployment followed by mass unrest is an understatement.
To give you an indication of BASF's size, its largest plant uses more natural gas than Switzerland .... The biggest corporate victim of Europe’s energy crisis may be a $93 billion chemical giant whose flagship plant uses as much gas as Switzerland (Fortune).
In March President Biden and European leaders told everyone that sanctions will implode the Russian economy. It looks like the reverse is happening.
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