BEIJING: BASF AG has secured limited recourse financing worth US$1.4bil from a consortium of banks jointly led by Industrial and Commercial Bank of China and Citibank for BASF-YPC Co Ltd, the German company's US$2.9bil joint venture with China Petroleum & Chemical Corp.
“It is the first limited recourse financing in the petrochemical sector of China...The BASF-YPC financing will be a great step for China and the project financing market as a whole,” Dietmar Nissen, president of BASF East Asia Regional Headquarters Ltd, said in a statement. – AFX