BASF says financial crisis hardest in N.America: report
FRANKFURT (Reuters) - German chemicals company BASF (BASF.DE) has felt the repercussions of a financial crisis mostly in North America and expects the global market for chemicals to grow by 2.8 percent this year, its chief executive told a German weekly.
"We have been feeling the effects primarily in North America, in the automotive, construction and furniture industries...anywhere major purchases are involved," Juergen Hambrecht told WirtschaftsWoche in comments published on Saturday.
Hambrecht also said he expects an average oil price of $90 per barrel and the dollar to be on average at 1.50 euros.
"The oil price is exaggerated right now. Too much oil is being produced," Hambrecht said, adding that a decline in world economy and slower growth rates will result in a lower oil price.
BASF, the world's biggest chemicals company by sales, benefits from global high oil prices through its oil and gas exploration activities.
(Reporting by Nicola Leske)
