Germany’s BASF expects massive increase in gas prices

BERLIN (Reuters) – German chemicals giant BASF said on Thursday it expects gas prices to increase massively after the government triggered the “alarm stage” of its emergency gas plan due to dwindling supplies from Russia.

At present, natural gas is supplied to all BASF’s European sites in line with demand, a company spokesperson said, adding that prices could surge further as suppliers stock up on gas.

“BASF is monitoring the situation and will decide, depending on the situation, which adjustments may have to be made in the production value chains,” the spokesperson said in an emailed statement to Reuters.

(Reporting by Patricia Weiss; Writing by Rachel More; Editing by Madeline Chambers)