BASF opened the Zhanjiang Verbund chemical complex worth €8.7 billion in southern China on Thursday — the largest single investment in the company's 160-year history.
The site is focused on the Chinese chemical product market, which accounts for half of global demand but suffers from overcapacity; CEO Kamit told German media that returns in the early stages will fall short of expectations. The project has faced criticism in Germany, where BASF is cutting jobs at its headquarters in Ludwigshafen, and shareholders are warning of excessive dependence on China.
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