Chemicals maker BASF has signed a Memorandum of Understanding for the construction of a $10 billion site in China in a bid to develop chemical production in the country.
The chemical production site will be based in the South Chinese province Guangdong and would be the company’s first wholly-owned plant in the country.
The MoU was signed by BASF Chief Executive Martin Brudermueller and a Guangdong representative this week, with the site set to create around 2000 internal jobs as well as 1000 external contractor roles, and is set to be completed by 2030.
BASF’s biggest investment to date, it will be the company’s largest site after Ludwigshafen, Germany, and Antwerp, Belgium and follows the further easing of foreign investment curbs in the country as Beijing looks to further open up its markets.
Initially only having petrochemical plants and a steam cracker producing ethylene, consumer goods products would eventually be developed at the plant.