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
• BASF DOW HPPO Production B.V.B.A., Antwerp, Belgium, which is jointly operated with Dow 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.

AO Achimgaz, Novy Urengoy, Russia, which was jointly operated with Gazprom for the production of natural gas and condensate, was derecognized in connection with the deconsolidation of the oil and gas business.