09 June 2010 23:54 [Source: ICIS news]
CHICAGO, Illinois (ICIS news)-- BASF indirectly supports the development of biofuel crops by increasing crop yields but is not aiming for that market, a company official said on Tuesday.
"BASF is indirectly supporting biofuel development by increasing yields of crops such as soybeans, corn and sugarcane through the use of plant biotechnology but we are not developing any genetic traits for industrial crops," said Peter Eckes, president of BASF Plant Science, during the company's Agriculture Summit in ?xml:namespace>
Eckes said corn productivity in the
"Through the use of plant biotechnology, energy used in farming is down 60%, while irrigated water use is down 20-50% compared to 20 years ago," added Eckes.
BASF said it was working with
BASF's 2009 research and development (R&D) spending for plant biotechnology was at €155m ($184m), which accounted for 11% of the company's total 2009 R&D expenditures, said Eckes.
BASF also spent 25% of its 2009 R&D budget on the company's crop protection business, which included active ingredients for fungicides, herbicides and insecticides.
($1 = €0.84)To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections