BASF and Markor sign contracts for butanediol and polytetrahydrofuran joint ventures in China
Berlin, Germany, Hong Kong and Urumqi, China – May 29, 2013 – BASF and Xinjiang Markor Chemical Industry Co., Ltd. (Markor) have signed key cooperation contracts for the establishment of joint ventures for the production of butanediol (BDO) and polytetrahydrofuran (PolyTHF®, chemical name: polytetramethylene ether glycol). The joint venture companies will be established once the relevant Chinese regulatory approvals are obtained.
The key cooperation contracts were signed in the presence of Li Keqiang, Premier of China and Angela Merkel, Chancellor of Germany, by Kurt Bock, Chairman of the Board of Executive Directors, BASF SE and Richard Feng, Chairman and CEO of Markor Group. Both Markor and BASF reaffirm their commitment to serving customers in China and supporting the local community in Korla, Xinjiang Uygur autonomous region, Northwest China.
BASF and Markor announced their plan to establish two joint venture companies in Korla, Xinjiang Uygur autonomous region, Northwest China in March. The investment will expand the local production capacity of BDO and PolyTHF. The joint ventures include a plant for the production of BDO and one for PolyTHF, which are planned to go on stream in 2015. The annual capacities of the plants located in Korla will be 100,000 tons of BDO and 50,000 tons of PolyTHF.
Xinjiang Markor Chemical Industry Co., Ltd. is a subsidiary of Markor Investment Group Co., Ltd. which was founded in 2004. It is located in Markor Chemical Park in Economic and Technological Development zone, Korla, Xinjiang, China. By leveraging the comprehensive advantages of local natural gas resources in Korla, Markor’s BDO production has achieved outstanding performance in energy saving and environmental protection. Markor is one of the leading manufacturers in the BDO downstream market, and has achieved outstanding performance in product quality and customer service.
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of €72.1 billion in 2012 and more than 110,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
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