14 March 2002 12:59 [Source: ICIS news]
LUDWIGSHAFEN, Germany (CNI)--Anglo-Dutch group Shell does not want to sell its stake in its Basell polyolefins joint venture with BASF, according to BASF chairman Jurgen Strube.
Shell has been quoted as saying that it was considering its options regarding Basell. At Shell's analyst briefing in December, the joint venture was identified at the briefing as being part of the group's $7bn (Euro8.0bn) of poorly performing assets.
Responding to questions about the press reports at BASF's annual conference on Thursday, Strube said he had been assured by Shell that it did not want to sell its stake in Basell.
Ludwigshafen-headquartered BASF reported today a 33% drop in 2001 operating profits before special items to Euro2.29bn.
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