German chemical giant to slash jobs due to high energy costs

German chemical giant BASF said Friday it would cut thousands of jobs worldwide and close several units at its historic home in Ludwigshafen as it contended with sharply increased energy prices.

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"High energy prices are now putting an additional burden on profitability and competitiveness in Europe," BASF CEO Martin Brudermüller said in a statement.

Brudermüller also criticised European "overregulation, slow and bureaucratic permitting processes".

In response, BASF aimed to save €500 million a year in non-production areas by the end of 2024, including a net loss of "around 2,600 positions", the group said.

A further 200 million euros would be shaved off by the end of 2026 with the closure of production facilities at its site in Ludwigshafen, in southwest Germany.

This would include the shutting of an energy-intensive ammonia plant and related facilities for the production of fertilisers.