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BASF is the largest chemical manufacturer in Europe, with industries all over the world, involving eight categories of related industrial chains such as plastics, petrochemicals and coatings, and has built integrated production bases in many places.

However, BASF recently announced that it is about to completely withdraw from the country's market, and even faces huge losses.

According to BASF (January 17), preliminary calculations show that the company's net loss for the full year of 2022 was 1.376 billion euros, compared with the full-year profit of 5.5 billion euros in 2021, which can be called a disappointing huge loss.

The main reason for the big decline was a 7.3 billion euro ($7.9 billion) write-down by its Russian subsidiary, Wintershall Dea, triggering a net loss in 2022.