Sector News

Germany’s BASF plans $4bn investment in Iran

August 11, 2016
Chemical Value Chain

Germany-based BASF, a leading chemical company, is planning an investment of $4 billion in Iran, said a report.

Together with an Iranian company, BASF wants to build new petrochemical plants near Iran’s petrochemical and gas industry hub in Assaluyeh, Bushehr Province, added Iran Daily News, citing a Handelsblatt report.

In April, BASF signed a memorandum of understanding with National Iranian Oil Company on future cooperation, it said.

The German company has been in business with Iran since 1959. In addition to a sales office in Tehran, BASF maintains a polyurethane system house for production of plastics northwest of the capital, but its operation is currently very limited.

Additionally, Munich gas manufacturer Linde was also interested in investment worth billions of dollars in the Iranian petrochemical industry jointly with the Japanese Mitsui Group.

According to Handelsblatt, Linde CEO Wolfgang Büchele has been in “pre-business talks” with the Iranians for some time. Neither BASF nor Linde commented on the report, the paper said.

Iran wants to use its huge reserves of raw materials to establish itself as the largest supplier of basic chemicals in the Gulf, added the report.

Source: Trade Arabia

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.