Arab Today, arab today basf sees further challenges from china oil price 2016
Last Updated : GMT 19:40:09
Arab Today, arab today
Arab Today, arab today

BASF sees further challenges from China, oil price 2016

Arab Today, arab today

Arab Today, arab today BASF sees further challenges from China, oil price 2016

BASF's chief executive Kurt Bock told the group's annual earningd
Ludwigshafen - AFP

BASF, the world's biggest chemicals company, said Friday that slowing growth in China and falling oil prices will remain its biggest challenges this year after they weighed on business in 2015.

"The turbulent start to the year on the raw material and stock markets shows just how many uncertainties there are in an outlook for 2016," BASF's chief executive Kurt Bock told the group's annual earnings news conference.
ADVERTISING
inRead invented by Teads

"The year has begun subdued, mainly due to a weak volume development in China," Bock said.

Achieving the group's 2016 targets would be "an ambitious goal in the current volatile and challenging environment, and is particularly dependent on the development of the oil price," he added.

Last year, "growth rates for the global economy, industrial production and the chemical industry all lagged considerably behind our expectations," BASF complained.

Largely as a result of falling oil and gas prices, net profit slumped by 23 percent to four billion euros ($4.4 billion) and underlying or operating profit was down 8.4 percent at 6.7 billion euros on a 5.2-percent drop in reveues to 70.5 billion euros.

In concrete terms this year, group sales were projected to "decline considerably, especially as a result of the divestiture of the gas trading and storage business."

And underlying profits were expected to be "slightly below 2015 levels."

In September, BASF agreed with Russian gas behemoth Gazprom to go ahead with an asset swap the two had put on ice amid tensions between Russia and the West.

Under the deal, BASF's subsidiary Wintershall will obtain shares in a western Siberian gas field.

In exchange it will hand over its stake in their joint venture gas storage and trading business, plus a stake in an oil and gas exploration unit in the North Sea.

Despite the cautious outlook, however, BASF said it planned to increase the dividend payout to shareholders by 0.10 euros to 2.90 euros per share for 2015.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today basf sees further challenges from china oil price 2016 Arab Today, arab today basf sees further challenges from china oil price 2016

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today basf sees further challenges from china oil price 2016 Arab Today, arab today basf sees further challenges from china oil price 2016

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday