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BASF chief executive expects no drop in oil prices

04.27.2012  | 

German chemical company BASF doesn't expect oil prices to fall in the foreseeable future, CEO Kurt Bock said Friday at the firm's annual general meeting. Whether the company can pass on higher costs to customers will depend on how the economy develops, he said.

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By HEIDE OBERHAUSER-ASLAN

FRANKFURT -- German chemical company BASF doesn't expect oil prices to fall in the foreseeable future, chief executive Kurt Bock said Friday.

BASF expects prices to remain high, and possibly even to rise, depending on political developments in the Middle East, he said at the firm's annual general meeting.

Whether the company can pass on higher costs to customers will depend on how the economy develops, he said, adding this was only partially possible in the first quarter because of increased customer caution in several markets.

BASF's full-year forecasts are based on a Brent oil price estimate of $100/bbl.


Dow Jones Newswires



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