BASF eyes Euro5bn Asia sales in '01 despite downturn
27 September 2001 12:10 [Source: ICIS news]
NANJING, China (CNI)--BASF expects its net sales in Asia to touch Euro5bn ($4.6bn) in 2001, the same as in 2000, despite the downturn in the global economy, Jurgen F Strube, chairman of the company’s board of executive directors, told CNI on Thursday. This would be more than double the company’s sales in the region 10 years ago.
Strube was addressing a press conference a day ahead of the groundbreaking for BASF’s joint venture cracker complex in Nanjing, China.
However, BASF expects Asia's gross domestic product (GDP) growth will fall to 4% in 2001, down from 7% last year, Strube said.
China’s GDP growth, however, will weaken only slightly, remaining above 7% in 2001, he added.
Despite the difficult economic climate currently being experienced, the company will continue to be a reliable and effective partner in Asia, the BASF chairman said.
"Asia’s markets offer an enormous potential for growth. We know that one needs to have endurance to be successful in Asia, and one must not be led astray by short-term developments," he added.
"We intend to be successful, and we have the necessary stamina."
By 2010, BASF aims to generate 20% of its chemical sales from its Asia-Pacific region, 70% of which it hopes will be generated by local production.
The new Verbund (integrated) site in Nanjing, which will include a 600 0000 tonne/year cracker and downstream capacities of 400 000 tonne/year low-density polyethylene (ldPE) and 300 000 tonne/year monoethylene glycol (MEG), will make a major contribution towards achieving this target, Strube said.
The complex is due onstream either at end-2004 or in early 2005.
By: Prema Viswanathan
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