LUDWIGSHAFEN, Germany and OSLO, Norway, May 8, 2014 /PRNewswire/ -- BASF and Yara have made good progress with their plan to jointly build a world-scale ammonia plant on the U.S. Gulf Coast. The proposed plant would be located at the existing BASF site in Freeport, Texas, have an annual capacity of 750,000 metric tons, and be based on a hydrogen-synthesis process. Further details of the planned joint venture are currently under discussion between the parties. The project is subject to final approval from the respective boards of directors of BASF and Yara.
BASF, which has a strong presence in the United States, is currently a major user of ammonia for its U.S. downstream activities and intends to further strengthen its backward integration. Yara, with its global ammonia network and market expertise, seeks to strengthen its presence in the United States.
Yara delivers solutions for sustainable agriculture and the environment. Our fertilizers and crop nutrition programs help produce the food required for the growing world population. Our industrial products and solutions reduce emissions, improve air quality and support safe and efficient operations. Founded in Norway in 1905, Yara has a worldwide presence with sales to 150 countries. Safety is always our top priority. www.yara.com.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
SOURCE BASF Corporation