BASF Opens $11.6 Billion Chinese Site as Iran War Stokes Turmoil

BASF SE’s top executive said profits at its new €10 billion ($11.6 billion) Chinese petrochemicals facility will be far lower than expected for the next couple of years.

Europe’s biggest chemical maker decided to go ahead with its biggest investment to date in 2018. Since then, oversupply and higher energy prices have been undermining the industry, with the Middle East conflict wreaking additional havoc in recent weeks.