The production capacity of crude oil in China's refineries climbed to a new record high in June. Analysts see this as a sign of the rapid recovery of the Chinese economy. However, market observers and Chinese officials see the current overcapacities and the corona crisis as increased pressure to reform the country's oil processing industry.

China is catching up in the fine chemcials sector. The communist state and party leadership in Beijing intends to use a series of targeted support measures to accelerate the development of the industry in order to become more self-sufficient towards foreign countries.

BASF has recently announced that Livio Tedeschi will succeed Vincent Gros to become the President of BASF's Agricultural Solutions Division in Germany w.e.f April 1, 2022.

China’s GDP shrunk 6.8 % in the last quarter as compared with a year earlier. The country’s chemical manufacturing output declined by 21 % and profits by 66 % in the first two months of 2020 due to the coronavirus scenario. However, now with the virus defeated, the East Asian nation hopes to improve these figures.

BASF Venture Capital is investing $ 2 million into Alchemist Accelerator’s fund, allocating at least half towards investments in 3D printing, agtech, material informatics, nutrition, and technology game-changers.

Under a strategic cooperation agreement, BASF will supply its Irgacycle additive solutions to Zhejiang REEF Technology Co. for developing unique recyclate formulations which will help to enhance the quality of plastic recyclate materials used across the automotive, packaging and consumer industries.

BASF has plans to increase the production capacity of its hindered amine light stabilizers in Pontecchio Marconi, Italy and Lampertheim, Germany. The move is expected to meet the growing demand for sustainable solutions across the globe.

In line with BASF’s ambitious climate targets announced earlier, the company has now come up with a detailed action plan to reduce its greenhouse gas emissions by 25 % by 2030 and aims to reach its goal of net zero emissions globally by 2050.

BASF has plans to expand the production capacity of its Ultramid polyamide grades in Panoli, Gujarat due to increasing market demand in the Asian country. The additional capacity is expected to be available in Q4 2022.

With growing demand for engineering plastics especially in ASEAN, BASF has plans to expand the production capacity of its Ultramid polyamide (PA) and Ultradur polybutylene terephthalate (PBT) product at its Pasir Gudang site in Malaysia by 5,000 metric tons annually.