BASF starts building $10b petrochemical project in China
The BASF smart Verbund petrochemical project is officially launched in Zhanjiang, Guangdong province on Nov 23.
The first large petrochemical project solely owned by foreign investors in the country, the project is the best illustration of China’s continuous opening-up, bringing Sino-German cooperation in the manufacturing sector to a new level.
The site in Guangdong will be BASF's largest investment and will be operated solely under the oversight of BASF. It will ultimately be the third-largest BASF site worldwide, following Ludwigshafen, Germany, and Antwerp, Belgium.
German Chancellor Angela Merkel sent a congratulatory letter saluting the commencement of the mega project. China is of great importance to the German economy and last year was again Germany's most important trading partner, Merkel said.