Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

GREEN COLLAPSE: World’s Largest Chemical Producer Permanently Downsizing In Europe – Blames High Energy Costs

by October 27, 2022
October 27, 2022
GREEN COLLAPSE: World’s Largest Chemical Producer Permanently Downsizing In Europe – Blames High Energy Costs

The world’s largest chemical producer is permanently downsizing in Europe.

BASF cited rising energy prices in Europe as the reason.

Chief executive Martin Brudermüller added that “the European chemical market has been growing only weakly for about a decade.”

Financial Times reported:

BASF has said it will have to downsize “permanently” in Europe, with high energy costs making the region increasingly uncompetitive.

…

“The European chemical market has been growing only weakly for about a decade [and] the significant increase in natural gas and power prices over the course of this year is putting pressure on chemical value chains,” chief executive Martin Brudermüller said on Wednesday.

BASF, which produces products from basic petrochemicals to fertilisers and glues, spent €2.2bn more on natural gas at its European sites in the first nine months of 2022, compared with the same period last year.

Brudermüller said the European gas crisis, coupled with stricter industry regulations in the EU, was forcing the company to cut costs in the region “as quickly as possible and also permanently”.

As they downsize in Europe, they are expanding in China.

They just opened up a €10 billion complex in China.

$BASF to downsize ‘permanently’ in #Europe

World’s biggest chemicals company says high energy costs make region increasingly uncompetitive

The statement comes after it opened the first part of its new €10bn plastics engineering facility in #Chinahttps://t.co/1W48lnmRAJ pic.twitter.com/iQs1RBkgPx

— Tracy (𝒞𝒽𝒾 ) (@chigrl) October 26, 2022

Reuters reported:

The cutbacks at home contrast with a 10 billion euro chemical complex that BASF plans to build in Zhanjiang, southern China, to run entirely on renewable energy, as it banks on booming Asian markets and looks to reduce reliance on Europe.

The move defies heightened concerns in the German government over economic dependence on a Chinese trade partner that it sees under increasingly authoritarian rule. The BASF CEO will join German Chancellor Olaf Scholz on a visit to China next week. “We have a very, very profitable China business. Half of the world market is there,” Brudermueller said on a media call. “What kind of a risk does a company run into if it renounces half of the market?”

Meanwhile, the left still pushes green energy across the world.

For the antidote to media bias, check out ProTrumpNews.com…

The post GREEN COLLAPSE: World’s Largest Chemical Producer Permanently Downsizing In Europe – Blames High Energy Costs appeared first on The Gateway Pundit.

0
FacebookTwitterGoogle +Pinterest
previous post
WAYNE ROOT: Save Your Child’s Life, Vote Republican in Midterms
next post
HUGE BREAKING! Dem Blows Whistle On Widespread Orlando Area Ballot-Harvesting Operation In Black Communities [VIDEO]

You may also like

EXCLUSIVE: Interview with Dr. Shiva Ayyadurai on Social...

November 7, 2022

Johnson says Republicans ‘don’t have time’ to craft...

June 4, 2025

Biden’s threat to withhold weapons from Israel shows...

May 10, 2024

With Trump’s blessing, Israel has Hamas terrorists on...

March 26, 2025

Melania Trump Backs Trump 2024 Run – “Peace,...

November 17, 2022

HORROR: 9-Month-Old Baby in Stroller Shot Dead in...

November 12, 2022

How tensions in the Middle East could impact...

December 23, 2023

Iranian president calls for negotiation and dialogue as...

May 19, 2025

Shocking Video of Masked Daycare Employee Terrorizing Toddlers...

October 7, 2022

Kevin McCarthy makes major concession to conservatives as...

January 2, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved