- BASF (OTCQX:BASFY +0.1%) signs a memorandum of understanding for the construction of a $10B chemical production site in China's Guangdong province, which the company says would be its first wholly-owned plant in China.
- BASF CEO Martin Brudermueller says the integrated chemicals complex would be the company’s largest-ever investment and ultimately become its third-largest site after its headquarters in Ludwigshafen, Germany, and Antwerp, Belgium.
- The MoU is one of several agreements between German and Chinese firms at a meeting of Chinese Prime Minister Li and German Chancellor Merkel in Berlin today, including Siemens (OTCPK:SIEGY +0.7%) deals with China’s State Power Investment for joint development of a high-performance gas turbine and with Alibaba (BABA +0.3%) for cooperation on an Internet of Things platform.
- Also: BMW to use Chinese supplier for EV batteries (July 9)
- Now read: Alibaba Is A No-Brainer
Original article