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    BAS   DE000BASF111

BASF SE

(BAS)
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Delayed Xetra  -  11:35:13 2023-01-27 am EST
52.79 EUR   +0.32%
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Gascade and Fluxys step up plans for North Sea hydrogen pipeline

01/23/2023 | 05:54am EST
FILE PHOTO: A general view of the BASF chemical industry company in Schwarzheide

FRANKFURT (Reuters) - Pipeline operators Gascade and Fluxys are stepping up the pace on plans for a green hydrogen pipeline in the North Sea by applying to the European Commission to qualify for fast-track approvals and funding, they said on Monday.

Germany and the European Union are seeking to shift future energy production more to renewables and to produce, import and market clean hydrogen, derived from carbon-free wind and solar power, to eliminate climate-warming gases.

The two pipeline infrastructure companies said in a joint statement they are seeking to help to speed up the development of a hydrogen economy.

Germany's Gascade and Belgium's Fluxys are seeking Project of Common Interest (PCI) status from the EU, under which they could benefit from accelerated permissioning procedures and funding. Financial details were not disclosed.

Their 400 km pipeline, called AquaDuctus, could become a collecting path, or "backbone", for electricity output from offshore wind power production sites that would be converted on-site into clean hydrogen via electrolysis plants.

Shipments would start in 2030 from the wind park SEN-1 in the North Sea. In subsequent years, wind farms further offshore in Germany's exclusive economic zone in the North Sea may be linked up to transport hydrogen from plants operated by other countries, such as Norway or Britain, into Germany.

Studies identify up to 100 gigawatts (GW) of hydrogen capacity potential in the German and European North Sea, the statement said.

Gascade is a subsidiary of Wiga which is jointly owned by oil and gas producer Wintershall Dea and gas importer Securing Energy for Europe (Sefe).

Some climate campaigners say new forms of energy are best developed outside the influence of fossil fuel incumbents.

(Reporting by Vera Eckert, editing by Jane Merriman)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.32% 52.79 Delayed Quote.13.43%
BRENT OIL -1.57% 86.05 Delayed Quote.0.27%
FLUXYS BELGIUM SA 1.02% 29.6 Real-time Quote.4.64%
WTI -2.02% 79.45 Delayed Quote.0.09%
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Financials
Sales 2022 88 260 M 95 810 M 95 810 M
Net income 2022 4 470 M 4 853 M 4 853 M
Net Debt 2022 16 720 M 18 151 M 18 151 M
P/E ratio 2022 22,1x
Yield 2022 6,46%
Capitalization 47 199 M 51 237 M 51 237 M
EV / Sales 2022 0,72x
EV / Sales 2023 0,78x
Nbr of Employees 111 768
Free-Float 100%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 52,79 €
Average target price 53,50 €
Spread / Average Target 1,35%
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Managers and Directors
Martin BrudermŘller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
Melanie Maas-Brunner Chief Technology Officer
Alison Jane Carnwath Independent Member-Supervisory Board
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