BASF (BAS.FWB) said it aims to invest more than US$1.3 billion in additional plants in China over the next few years as part of its overall Asian expansion, the Financial Times reported. The German chemicals maker said it will invest more than 2 billion euros (US$2.65 billion) into its 100 Asian sites by 2014, at least half of which will flow into China. The group has invested US$4.6 billion in China – its third-largest global market – in the past 20 years, which is more than a fifth of overall German direct investment in China. Asia made up 23% of BASF’s US$52.4 billion chemical sales in the first nine months of 2010, with about half of those sales coming from China. The world’s largest chemicals maker by sales is currently spending US$1.4 billion on expanding its Nanjing site with the help of its joint venture partner, Sinopec. It is also planning to build a new plant in Chongqing.
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