Chinese vice premier announces full-scale construction at Guangdong BASF site

Chinese Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, addresses the inauguration ceremony of German chemical giant BASF's Verbund site in the city of Zhanjiang, south China's Guangdong Province, and announces the operation of the first plants of the Verbund site, via video link in Beijing, capital of China, Sept. 6, 2022. (Xinhua/Xie Huanchi)

BEIJING, Sept. 6 (Xinhua) -- Chinese Vice Premier Han Zheng announced on Tuesday that German chemical giant BASF's Verbund site in the city of Zhanjiang, south China's Guangdong Province, has entered its full-scale construction phase.

Addressing the inauguration ceremony via video link in Beijing, Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, also announced the operation of the first plants of the Verbund site.

With a total investment of about 10 billion euros (about 9.93 billion U.S. dollars), the site will be the third-largest BASF site in the world, and the largest single investment project by a German enterprise in China.

The Verbund site is of vital importance for China and Germany to deepen trade and investment cooperation, jointly address the impact of COVID-19 and safeguard the security and stability of the industrial and supply chains of the global petrochemical industry.