German chemical giant BASF, Germany's largest gas consumer, announced on Wednesday a savings plan of 500 million euros per year for the years 2023 and 2024, with a focus on Europe, due to the deterioration of the economic climate.
The program “
is expected to generate annual non-production cost savings of 500 million euros upon completion
,” BASF wrote in a statement.
While the German economy is particularly impacted by the surge in gas prices, more than half of the savings must be made on the huge chemical complex of Ludwigshafen (west) which employs around 39,000 people.
