BASF starts work on Shanghai research park

BASF (BAS.FWB) broke ground on its US$72.3 million innovation park in Shanghai’s Pudong New Area as the German chemical giant expands across China and the Asia-Pacific region, state media reported. The new facility will open in the first half of 2012 and will house 450 researchers focusing on several industry segments including construction, autos, footwear and cosmetics. The company also began work on its new regional head office in Pudong which will house over 2,000 employees, making it the biggest facility outside BASF’s headquarters in Ludwigshafen, Germany. The company recently signed a memorandum of understanding with Sinopec (SNP.NYSE, 600028.SH, 0386.HK) to explore the expansion of their petrochemical joint-venture, BASF-YPC Co.