German chemical company BASF is to invest $10bn in a highly-integrated Verbund chemical site in China's Guangdong province, in what will be the company's third-biggest facility and its largest investment to date. BASF is looking to develop cracker products and downstream specialties, including surfactants, polymers and engineering plastics, in a location near customers, with China being the world's largest chemical market with 40% market share. The deal comes as Chinese authorities are cracking down on corruption among state-owned enterprises.
German chemical company BASF is to invest $10bn in a highly-integrated Verbund chemical site in China's Guangdong province, in what will be the company's third-biggest facility and its largest investment to date. BASF is looking to develop cracker products and downstream specialties, including surfactants, polymers and engineering plastics, in a location near customers, with China being the world's largest chemical market with 40% market share. The first phase is to include petrochemical plants including a steam cracker, and is expected to be operational by 2026, while the entire facility is scheduled to be complete by 2030.