BASF AG (BASFn.DE) is preparing to divest "major parts" of its nitrogen fertilizer business, which is under pressure from low-cost producers in the Middle East. BASF, the world's largest chemical company by sales, said on Tuesday that the operations it is putting on the block account for less than 1 percent of BASF's group annual revenue, which would be less than 640 million euros ($885 million). The businesses, with a combined annual capacity of about 2.5 million tonnes of fertilizer, comprise plants in Antwerp, Belgium, and BASF's 50 percent share in its PEC-Rhin joint venture with France's Total SA (TOTF.PA).
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