BASF estimates 10% chemical sales from China by 2010

24-May-06

German chemical giant BASF estimates 10% of its global chemical sales from China by 2010, up from 6% last year. BASF’s chemicals sales in China last year touched a record 2.8 billion euros ($3.56 billion), up 43% from 2004. This makes China BASF's third-largest chemical market after Germany and the United States. Part of the increase in sales can be attributed to BASF’s US$2.9 billion petrochemical joint venture with Sinopec Corp., which started operation nearly a year ago in eastern Nanjing city. The two partners have yet to finalise a deal for a planned expansion to boost the capacity of the Nanjing plant by 25%. Investment for the expansion would be part of the 1 billion euros BASF has allotted to Asia by 2009.