MOSCOW (MRC) -- BASF said it would invest roughly EUR3.5 billion (USD3.9 billion) in Asia-Pacific by 2020, with chemical production there continuing to outgrow other regions despite a slowdown in China, as per the companies' press release.
"China did not grow as fast as we assumed," BASF said, but "even under the 'new normal,' Asia-Pacific is the growth engine for the world economy."
The German chemicals company estimates the annual growth rate for chemical production in Asia-Pacific at 5.6% through 2020, above a global average of 3.7%.
BASF said it would focus on investing in areas offering robust market growth and where the company had a technological or competitive advantage. The EUR3.5 billion investment volume is earmarked for 2016 to 2020.
As MRC informed earlier, BASF introduced a new patented portable fluid catalytic cracking (FCC) catalyst addition system for refinery catalysts.
BASF is the world’s leading chemical company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. BASF generated sales of more than EUR70 billion in 2015.
MRC