High Energy Prices Force World’s Largest Chemicals Company To Cut Jobs ...Middle East

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High Energy Prices Force World’s Largest Chemicals Company To Cut Jobs
source : OILPRICE ( Middle East ) () 28
The world’s biggest chemicals company, Germany-based BASF, will cut 2,600 jobs and close some plants due to the high energy costs in Europe that have burdened operations and profitability over the past year.   In 2022, BASF Group’s operational earnings were burdened by additional energy costs of $3.4 billion (3.2 billion euros) globally, the company said on Friday. Europe accounted for around 84% of the jump in energy costs, which mostly impacted the Verbund site in Ludwigshafen. Higher natural gas costs accounted for 69% of the…

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