65.8 F
New York
Tuesday, June 28, 2022

Germany’s BASF expects massive increase in gas prices

A logo is seen on the facade of the BASF plant and former Ciba production site in Schweizerhalle near Basel July 7, 2009. REUTERS/Christian Hartmann/File Photo

Register now for FREE unlimited access to Reuters.com

BERLIN, June 23 (Reuters) – German chemicals giant BASF (BASFn.DE) said on Thursday it expects gas prices to increase massively after the government triggered the “alarm stage” of its emergency gas plan due to dwindling supplies from Russia.

At present, natural gas is supplied to all BASF’s European sites in line with demand, a company spokesperson said, adding that prices could surge further as suppliers stock up on gas.

“BASF is monitoring the situation and will decide, depending on the situation, which adjustments may have to be made in the production value chains,” the spokesperson said in an emailed statement to Reuters.

Register now for FREE unlimited access to Reuters.com

Reporting by Patricia Weiss
Writing by Rachel More
Editing by Madeline Chambers

Our Standards: The Thomson Reuters Trust Principles.


Related Articles

Latest Articles