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BASF boosted by higher oil prices

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BASF boosted by higher oil prices

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BASF said its second-quarter operating profit was up by 19% thanks to rising oil and gas prices. The world’s top selling chemical company also produces oil. In addition there was strong demand for its agrochemicals products.

It announced earnings before interest, taxes and special items of 2.41 billion euros.

Chief Executive Juergen Hambrecht said “Demand remains strong” and added “Sales prices have to be increased considerably in some cases in order to pass on significantly higher raw material costs.”