German chemical giant BASF starts large investment project in China


The launching ceremony of BASF’s investment project in South China’s Guangdong Province (Photo: VCG)

GUANGZHOU, Nov. 23 (Xinhua) -- German chemical giant BASF on Saturday officially launched its largest ever investment project, with investment estimated to reach up to 10 billion U.S. dollars upon completion, in south China's Guangdong Province.

The BASF smart Verbund project, located in the city of Zhanjiang, will initially include plants to produce engineering plastics and TPU serving a range of key industries. They are expected to go into production by 2022.

The Verbund project is the first wholly foreign-funded project in China's heavy chemical industry.