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    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

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    Onitsha River Port receives first container barge for 2025 season

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

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    NNPC and Partners to build first methanol plant in Nigeria

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    Access Holdings Plc appoints Mr. Innocent Ike as Group MD/CEO

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    International Energy Insurance Plc announces full and final repayment of JPY1.85 billion Coupon Bonds due 2028

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

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    Outcome of Cadbury Nigeria Plc and Berger Paints Nigeria Plc Board meetings

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    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

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    List of Dividends announced in 2025, qualification and payment dates

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Ukraine-Russia War: Germany’s BASF will shutdown world’s largest chemical plant if…

Friday, 1 April 2022, 12:34 pm
in Business, Companies, Industry, News, World
0
Ukraine-Russia War: Germany’s BASF will shutdown world’s largest chemical plant if…
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Germany’s BASF, the world’s largest chemical company by revenue, has issued a warning about drastic consequences if gas supply from Russia is interrupted, German newspaper Frankfurter Allgemeine reported on Wednesday.

The German multinational chemicals giant warned that its European operations will be significantly disrupted if its gas supply is halved.

If gas supplies were to be cut in half, the Ludwigshafen plant – the largest chemical site in the world, which employs almost 40,000 people, would have to shut down, the paper quoted Michael Vassiliadis, chairman of a chemical trade union and a board member at BASF, as saying.

Explaining further, Vassiliadis said that if the gas supply was less than 50%, the site could no longer be operated stably, and will therefore have to be shut down completely.

  • Read also;
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Russian gas supply loss that is not compensated for would result in a dramatic effect on the chemical industry with outage costing, and hundreds f jobs lost over a relatively short period of time, he said.

BASF CEO Martin Brudermüller said earlier that there was no way to replace Russian gas in the short term but the group was working intensively on reducing its dependency on gas.

The report in the Frankfurter Allgemeine points out that the chemicals industry cannot run without oil and gas, and without the sector the economy stops, as people are heavily reliant on it in their everyday lives.

Petrochemical products account for 20% of clothing, 40% of cosmetic products and even 35% of aspirin, an essential in most families’ medicine cabinet.

BASF’s warning came as German government triggered the first stage of its national gas supply emergency plan over fears that Russia might soon cut supplies if it doesn’t receive payments from foreign buyers in rubles.

The EU gets roughly 40% of its natural gas from Russia. Following Russia’s military operation in Ukraine the bloc pledged to reduce its dependency on Russian energy, cutting it by two thirds this year and weaning off completely before 2030, replacing it by deliveries from other suppliers and renewables.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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