BASF Sells Stake in ARAL, Concentrates on Core Activities

Strategic Insights -

BASF Aktiengesellschaft has made a significant decision to divest its holdings in ARAL and the Lingen refinery, marking a substantial step in the company's ongoing restructuring efforts. According to Max Dietrich Kley, Deputy Chairman of the Board of Executive Directors of BASF Aktiengesellschaft, this move enables the company to focus on strengthening its core activities in the Oil & Gas segment. Meanwhile, Herbert Detharding, Chairman of the Board of Executive Directors of Wintershall Aktiengesellschaft, views this transaction as a step towards enhancing the long-term strength of the company's core activities.

Key Takeaways:

  • BASF has sold its stake in ARAL and the Lingen refinery as part of its ongoing restructuring efforts.
  • The company aims to concentrate on strengthening its core activities in the Oil & Gas segment.
  • Wintershall Aktiengesellschaft, a 100-percent subsidiary of BASF, will continue to focus on exploration and production of crude oil and natural gas.
  • Wintershall produced 7.9 million tons of crude oil and over 3.6 billion cubic meters of natural gas in 1998.
  • BASF's sales stood at €27.6 billion in 1998, with a workforce of 105,000 employees.
  • The company is a component of the DAX index and the EuroSTOXX 50 Index, with shares listed on Bloomberg under the symbol BAS GR and on Reuters under BASF.X.

Statistics:

  • BASF's sales reached €27.6 billion in 1998.
  • Wintershall produced 7.9 million tons of crude oil in 1998.
  • Wintershall produced over 3.6 billion cubic meters of natural gas in 1998.
  • BASF employed 105,000 people worldwide in 1998.
  • Wintershall had net sales of DM 5.7 billion (excluding oil and gas taxes) in 1998.

Sources:

  • M2 Presswire, "BASF: Statement to BASF selling stake in ARAL (C)1994-99 M2 COMMUNICATIONS LTD RDATE:061299"
  • BASF Aktiengesellschaft, press release (no date provided)
  • Wintershall Aktiengesellschaft, company information (no date provided)
  • Bloomberg, BAS GR (share listing)
  • Reuters, BASF.X (share listing)