25 February 2011 17:28 [Source: ICIS news]
TORONTO (ICIS)--The ongoing turmoil in Libya and elsewhere in the oil and gas-rich North Africa and Middle East regions could cost Germany’s industrial producers €15bn ($21bn) this year, because of higher oil prices, an analyst at the country’s chamber of commerce said on Friday.
Each 1% increase in oil prices translated into €500m in additional costs for
“The remainder [of the cost increase] will cut into profit margins, and that money will then not be available for investments and the creation of new jobs,” he said.
However, longer term, the changes in North Africa and the Middle East could be a business opportunity for
On 24 February, BASF CEO Jurgen Hambrecht said the situation in
BASF’s Wintershall energy business unit has shut down 100,000 bbl/day of oil production in
($1 = €0.72)
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