German chemicals giant BASF reports profits based on price hikes

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German chemical company BASF said on Wednesday that it managed to boost net income by 26.3% in the second quarter thanks to “significant price increases.” Net income came in at €2.1 billion ($2.13 billion). The comparison was with the second quarter of 2021. “Despite the continued high raw materials and energy prices, we again achieved strong earnings in the second quarter,” said board chairperson Martin Brudermüller. Like many industries, BASF is nervously watching rising gas prices spurred by Russia’s decision to limit shipments to Europe, a ruse that the West says is payback for Western san…

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