07 October 2008 17:24 [Source: ICIS news]
LONDON (ICIS news)--The European chemical industry remains in a relatively strong position even though market conditions have become more difficult, BASF executive board member Hans-Ulrich Engel said on Tuesday.
Current financial market uncertainties have to be monitored carefully, he suggested, but added that 2008 should still prove to be relatively good for the sector.
BASF had continued to see volume growth in the first half and in August, he and other BASF executives said at a press event, although September data were not yet available.
“We are monitoring the situation closely,” Engel said.
“I think what we have seen so far in 2008 has been a more challenging environment than in 2005, 2006 and 2007. The light breeze that was there has become a headwind," he added.
The situation could become clearer over the 30 to 60 days, Engel suggested, on a day when chemicals stocks showed some signs of strength on European markets still struggling with the impact of the global financial crisis.
“Let’s be calm, let’s look at the situation, let’s analyse it and come to a conclusion,” he added.
"Its good to be part of the old bricks and mortar industry," Engel, who is head of the chemicals giant’s oil and gas business and the Europe region said, "and to hold on to assets that don’t disappear overnight”.
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