18 March 2003 16:26 [Source: ICIS news]
LUDWIGSHAFEN, Germany (CNI)--BASF said on Tuesday it expects its market for chemicals in Asia to be as big as its European market by 2010.
Speaking at the company's 2002 financial results conference here, member of the board of executive directors, Jurgen Hambrecht, said he also wants to meet 70% of demand for its products from local production. BASF currently supplys “over 40%” of Asian demand from local production.
He said Asia was a major focus for the company and decisions on any further projects there would be taken “in time”.
Hambrecht said there were many Asian projects under construction which would help it to meet this target.
Sales in the Asia-Pacific and Africa area rose by over 8% to Euro5.1bn in 2002. Sales in Asia were helped by the startup of BASF's Ellba Eastern propylene oxide (PO) joint venture with Shell in Singapore.
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