BASF denies reports of exit from Hanwha Chemical Corp

BASF has confirmed its commitment to South Korean markets by denying reports that it wants to exit South Korea's petrochemicals market after selling its 14.36% stake in explosives maker Hanwha Chemical Corp to Hanwha Corp for 100 mln eur. The company has confirmed that because of an interim financing agreement to secure supplies for raw materials, Hanwha Corp had requested that BASF sell its stake in Hanwha Chemical back to them. Under the transaction, BASF Korea sold 14.5 mln shares in the petrochemical firm to Hanwha Corp on Friday.