Arab Today, arab today basf sees further challenges from china oil price 2016
Last Updated : GMT 14:10:12
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.

 

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 Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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