BASF ( OTCQX:BASFY ) said late Tuesday it gave final approval for the construction of its site in Zhanjiang, China, which will include a steam cracker and several downstream plants for the production of petrochemicals and intermediates.
The company has said it would invest up to €10B ($10.23B) by 2030 to build the new integrated site, which will be built in several phases and is expected to be fully operational by 2030.
BASF ( OTCQX:BASFY ) started construction in 2020 of the first plants at its Zhanjiang integrated site, which will be the company's third-largest worldwide after Ludwigshafen, Germany, and Antwerp, Belgium.
BASF ( OTCQX:BASFY ) also said it will move forward with the final phase of the expansion project for the chemical plant at its Verbund site in Louisiana .
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BASF gives final approval for €10B petrochemical plant in China