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BASF SE

(BAS)
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BASF, RWE Cooperate for Use of Renewables in Chemical Production

05/21/2021 | 05:04am EDT

By Giulia Petroni

BASF SE and RWE AG on Friday said they would cooperate to explore the use of renewable energy for the production process of chemicals to advance the industry's transition away from fossil fuels.

The German companies' project involves building an offshore wind farm with a capacity of two gigawatts to provide renewable electricity and allow the production of carbon dioxide-free hydrogen at the Ludwigshafen chemical site in Germany.

The objective is to implement the project without subsidies by 2030, according to RWE. The utility company added that it aims to use 20% of the green electricity from the new offshore wind farm to produce hydrogen and build an electrolyzer with a capacity of around 300 megawatts.

In terms of regulatory framework, the companies said there will need to be additional tendering processes for offshore projects before 2030 and sites specifically designated for tenders focused on industrial transformation processes.

BASF previously said it aims to reduce its global CO2 emissions by 25% by 2030 compared with 2018 levels, and pledged to become climate-neutral by 2050.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

05-21-21 0704ET

Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.57% 67.42 Delayed Quote.3.55%
RWE AG -0.99% 29.89 Delayed Quote.-12.67%
WTI -0.94% 71.66 Delayed Quote.48.80%
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Financials
Sales 2021 71 890 M 84 686 M 84 686 M
Net income 2021 4 750 M 5 596 M 5 596 M
Net Debt 2021 14 752 M 17 377 M 17 377 M
P/E ratio 2021 13,2x
Yield 2021 5,00%
Capitalization 61 556 M 72 411 M 72 513 M
EV / Sales 2021 1,06x
EV / Sales 2022 1,06x
Nbr of Employees 110 261
Free-Float 100%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 67,02 €
Average target price 79,00 €
Spread / Average Target 17,9%
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Managers and Directors
Martin BrudermŘller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial & Digital Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
Melanie Maas-Brunner Chief Technology Officer
Anke Schńferkordt Independent Member-Supervisory Board
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