Cause of explosion at BASF remains unknown

Company News | Business | Markets 10/18/2016, 3:48 PM
Cause of explosion at BASF remains unknown

BASF still hasn’t determined the cause of the explosion at its facility in Ludwigshafen on Monday morning, which killed two people and left over 20 injured. One person remains missing.

Ludwigshafen fire service chief Peter Friedrich said on Tuesday two firefighters died. The missing person is believed to be in the port area of the facility but fire services couldn’t access the water as danger remains.

BASF executive board member Margret Suckale said eight people were seriously injured while 17 suffered minor injuries, The Wall Street Journal reported. She added the chemical giant hasn’t yet assessed the financial consequences of the explosion and couldn’t say if the losses will be covered by insurance.

Suckale said the company shut down operations of the facility’s steam crackers and said it would “take time” until they reopen. BASF also had to fully or partially close about 20 other plants.

The company’s shares rose 1.03% to €79.08 on Tuesday afternoon (3:29 p.m. CET), after falling over 1% on Monday.

TeleTrader Newsroom / AM



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