On the 20th, the global chemical giant BASF's first Asia Pacific Innovation Park (Forum News) area started construction at the Pudong Chemical Base and is scheduled to start in the first half of 2012.
In addition, BASF will also spend 55 million euros for expansion of Pudong's production base. By then, Pudong will become one of the largest production bases outside BASF in Germany.
“We plan to achieve the goal of doubling sales in the Asia Pacific region by 2020. We hope that sales in the Asia Pacific region will outperform the local economy by 2 percentage points,†said Dong Shanli, president of BASF Asia Pacific, at the opening ceremony of the Asia Pacific Innovation Park.
At present, the total sales in Greater China (Mainland China, Hong Kong Special Administrative Region, and Taiwan) account for about 10% of BASF's global sales. Since 1999, BASF has grown at an average annual growth rate of 20% in Greater China. In 2009, BASF's sales in Greater China exceeded 4.1 billion euros, which is BASF's third largest market after Germany and the United States.
According to information provided by BASF, BASF has invested 3.5 billion euros in China since 1990 and has partnered with partners to invest 5.4 billion euros in China. On December 17, BASF and Sinopec have just signed a memorandum of understanding to invest approximately US$1 billion in the expansion of the Yangzi Petrochemical-BASF production base.
According to available data, BASF, established in 2000, is a petrochemical company established by Sinopec and BASF with a capital ratio of 50:50. The first phase of the investment is approximately US$2.9 billion and is located in Nanjing Chemical Industry Park. The earlier cooperation between the two parties was jointly established in 1986 by Shanghai Gaoqiao BASF.
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