BASF divesting stake in ARAL

Dec 06, 1999 01:00 AM

Max Dietrich Kley, Deputy Chairman of the Board of Executive Directors of BASF: "Our decision to divest our holdings in ARAL and the Lingen refinery are significant steps in the constant restructuring of our portfolio. BASF can now concentrate on strengthening its core activities in the Oil & Gas segment."
Herbert Detharding, Chairman of the Board of Executive Directors of Wintershall: "This transaction is a step toward improving the long-term strength of our core activities. We are already the largest German oil and gas company on the basis of our foreign activities, and we are going to grow considerably in the coming years. We have achieved our goals in our natural gas trading and distribution activities much faster than expected and we will keep growing in this area."

BASF is a return-focused global company generating long-term growth and profitability from its activities in chemicals, health and nutrition, and energy. The company's products range includes high-value chemicals, plastics,dyestuffs, automobile and industrial coatings, crop protection agents, pharmaceuticals, fine chemicals, crude oil and natural gas. BASF's approach to integration, known in German as "Verbund," is one of the company's particular strengths and provides a unique competitive advantage.
With sales in 1998 of euro 27.6 bn and a workforce of 105,000 employees, BASF is one of the world's top chemical companies.
Wintershall is a 100 % subsidiary of BASF of Ludwigshafen, Germany, that is active in the exploration and production of crude oil and natural gas as well as involved in natural gas distribution and trading. Wintershall, which is headquartered in Kassel, Germany, produced in 1998 about 7.9 mm tons of crude oil and more than 3.6 bn cm of natural gas, making the company the largest German oil and gas exploration company based on foreign activities. Wintershall, which has 1,916 employees, had net sales in 1998 of DM 5.7 bn (excluding oil and gas taxes).

Source: via Newspage
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