BASF speeds up its Zhanjiang Verbund site construction. (Photo provided to Newsgd.com)
On July 20, BASF, a German multinational chemical company and the largest chemical producer in the world, gave final approval for the construction of the planned Verbund site in Zhanjiang, a city on the western coast of Guangdong Province.
BASF will invest up to 10 billion euros by 2030 to build the new Verbund site, which will be its third-largest Verbund site worldwide after Ludwigshafen of Germany and Antwerp of Belgium.
In 2020, BASF (Guangdong) integrated production base project started construction. In the same year, BASF started the construction of the first plant in Zhanjiang.
According to Guangdong Government Work Report in 2022, the province will expedite the construction of major foreign investment projects like ExxonMobil, BASF and CSPC, and will support multinationals to establish regional and functional headquarters as well as R&D centers in Guangdong.
Last year, foreign investment in actual use in Guangdong registered 184 billion RMB, an increase of 13.6 percent.
Author: Jolie (intern)
Editor: Wing, Nan, Abby, Jerry