Germany’s BASF aims to grow in Azerbaijan’s petrochemicals industry, Tolga Baysinop, Managing Director at BASF Azerbaijan LLC, said, according to Azernews portal.
“In 2020, we aim to grow in petrochemicals industry and by this way we would be playing a role in the development of non-oil sector. For non-oil sector, affordable and high quality raw materials are key to produce successful end products. As BASF we have plans to supply products to food and beverage, human nutrition, pharmaceuticals, textile, automotive sectors which attracted significant investments in recent years,” he said, noting that currently, BASF has contracts with customers in agriculture and petrochemical sectors in Azerbaijan.
As for the company’s operations with lower oil prices, Baysinop said that BASF assumes an average oil price of $60 per barrel Brent crude oil for 2020. “The current weakness in oil prices leads to a reduction in prices for key raw materials, which could positively impact earnings. The extent will depend on how long these lower oil prices will last as well as supply and demand for chemicals,” he added.
BASF portfolio is encompassing six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions.