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    Nigerian Air Force Helicopter crash-lands in Port Harcourt

    Nigerian Air Force Helicopter crash-lands in Port Harcourt

    We did not ban ‘Ghana Must Go’ bags at airports – FAAN

    We did not ban ‘Ghana Must Go’ bags at airports – FAAN

    ‘Ghana Must Go’ bags banned at airports – FAAN

    ‘Ghana Must Go’ bags banned at airports – FAAN

    Abia Gov Alex Otti swears in 17 ‘selected’ Transition Council Chairmen/Mayors

    Abia Gov Alex Otti swears in 17 ‘selected’ Transition Council Chairmen/Mayors

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    NSCDC officers shoot Abuja students during examination

    NSCDC officers shoot Abuja students during examination

    Abia State: Governor Alex Otti appoints new Head of Service

    Abia State: Governor Alex Otti appoints new Head of Service

    Musk declines Hamas’ invitation to visit Gaza, days after visiting Israel

    Musk declines Hamas’ invitation to visit Gaza, days after visiting Israel

    Ekiti Government sues Chef Dammy’s pastor, demands N10m damages over rights infringement

    Ekiti Government sues Chef Dammy’s pastor, demands N10m damages over rights infringement

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    FG opens application for 4IR technologies, where to apply

    FG opens application for 4IR technologies, where to apply

    JUST IN: Tinubu signs Student Loan bill into law

    FULL TEXT: Tinubu’s speech on the N27.5 trillion 2024 budget

    Full text of CBN Governor Yemi Cardoso’s keynote address at CIBN dinner

    Full text of CBN Governor Yemi Cardoso’s keynote address at CIBN dinner

    83 students on Federal Government scholarship depart for Morocco

    83 students on Federal Government scholarship depart for Morocco

    CBN Governor to unveil Bank’s Monetary Policy Trust and Economic Outlook for 2024

    CBN Governor to unveil Bank’s Monetary Policy Trust and Economic Outlook for 2024

    FG launches Startup Support, how to apply

    FG launches Startup Support, how to apply

    Lekki Deep Sea Port receives first transshipment vessel

    FG plans to re-establish National Shipping Line, Maritime workers reject plan

    Gov. Soludo presents ₦410bn budget to State Assembly for 2024 fiscal year

    Gov. Soludo presents ₦410bn budget to State Assembly for 2024 fiscal year

    JUST IN: FG revokes 1,633 mining licences

    JUST IN: FG revokes 1,633 mining licences

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    Norwegian Energy company Equinor sells its Nigerian business

    Norwegian Energy company Equinor sells its Nigerian business

    Guinness Nigeria Plc: Adebayo Alli takes over as Managing Director

    Guinness Nigeria Plc: Adebayo Alli takes over as Managing Director

    JUST IN: NCAA suspends all United Nigeria Airlines’ wet-leased aircrafts

    JUST IN: NCAA suspends all United Nigeria Airlines’ wet-leased aircrafts

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    First cargo of crude oil to be ready for refining in December – Aliko Dangote

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    Access Holdings Plc announces death of Chairman

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    Seplat Energy gains 120% in one year

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    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

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    The NGX- ASI increased by 2bps amid mixed trading activities

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    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

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    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

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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
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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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