BAS.XE

BERLIN—Germany’s chemicals giant BASF BASFY -3.51% SE said it would take a roughly 7.3-billion-euro hit, equivalent to about $7.9 billion, from the exit of its energy unit from Russia and that it expects a net loss for 2022 in the latest major corporate fallout from the war in Ukraine. After putting a stop to new projects in Russia following the start of the invasion last year, oil-and-gas producer Wintershall Dea AG, where BASF is a…

BERLIN—German chemicals giant BASF SE BASFY 0.17% said it would downsize permanently in Europe, kindling concerns that persistently high energy prices could lead to a deindustrialization of the continent.High natural-gas prices in Europe in the wake of the Russian invasion of Ukraine have left few businesses untouched, leading to factory shutdowns and insolvencies from steel and aluminum to cars and toilet-paper makers. The chemical industry has been hit particularly…

BASF SE, BASFY -3.55% one of the world’s largest chemicals companies, said it would reduce production of fertilizer ingredient ammonia, as it seeks to curb its natural gas use after Russia throttled flows to Europe.Moscow began Wednesday reducing supplies via the Nord Stream pipeline, the largest Russian gas link to Europe, to around 20% of capacity. The reductions complicate the continent’s efforts to store enough gas ahead of winter, raising the specter for industry…

LUDWIGSHAFEN, Germany—For years, BASF SEone of the world’s largest chemicals companies, built its business model around cheap and plentiful Russian natural gas, which it uses to generate power and as feedstock for products that make it into toothpaste, medicines and cars.Today, dwindling Russian gas supplies are proving a threat to the company’s vast manufacturing hub here—the world’s largest integrated chemical complex spanning some 200 plants. Earlier this month, Russia started throttling back its supply of gas to…