2.2 – Joint Operations Proportionally consolidated joint operations include, in particular: Ellba C.V., Rotterdam, Netherlands, which is jointly operated with Shell for the production of propylene oxide and styrene monomer AO Achimgaz, Novy Urengoy, Russia, which is jointly operated with Gazprom for the production of natural gas and condensate and is part of the discontinued oil and gas business BASF DOW HPPO Production B.V.B.A., Antwerp, Belgium, which is jointly operated with The Dow Chemical Company for the production of propylene oxide BASF holds a 50% share in each of these companies and controls them jointly with the respective partner. The companies sell their products directly to the partners. The partners ensure ongoing financing of the companies by purchasing the production. The companies were therefore classified as joint operations in accordance with IFRS 11. A majority of the activities in the discontinued oil and gas business are conducted through joint activities and not in separate companies. This primarily relates to activities in Germany, Norway and Argentina, which are reported as joint operations pursuant to IFRS 11. back next