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BASF to sell 25.2% of HKZ to Allianz

December 07/2021

MOSCOW (MRC) -- BASF agreed to sell a quarter of its Dutch offshore wind farm to insurance giant Allianz, said the company.

Allianz Capital Partners will buy 25.2% of the Hollandse Kust Zuid (HKZ) wind farm following a transaction between Vattenfall and BASF, when the chemicals major bought 49.5% of HKZ from the Swedish energy firm on 1 September. BASF has stated it intends to reduce its shares to a financial investor.

The deal is expected to close in the first quarter 2022, and BASF will consolidate its remaining 24.3% participation at-equity. As part of the long-term fixed price corporate power purchase agreement, BASF will continue to receive most of the power produced at HKZ as part of its originally acquired 49.5% share.

HKZ will be one of the largest offshore wind farm in the world when it becomes fully operational Ц expected in 2023 with 140 wind turbines and total installed capacity of 1.5GW.

As per MRC,  BASF, the world's petrochemical major, is strengthening its global catalyst development and helping customers to bring new products faster to the market. As part of this strategy, BASF is building a new pilot plant center at its Ludwigshafen site. The new Catalyst Development and Solids Processing Center will serve as a global hub for pilot-scale production and process innovations of chemical catalysts. The construction of the new pilot plant center in Ludwigshafen also emphasizes the importance of the site for global research. The new building is scheduled for completion by mid-2024.

As MRC wrote before, BASF will build a battery recycling prototype plant in Schwarzheide, Germany, at the site of its cathode active materials (CAM) plant.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.
Author:Anna Larionova
Tags:petroleum products, crude oil, neftegaz, petrochemistry, BASF, Germany.
Category:General News
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