Libyan Oil Boosts Germany's BASF

Libyan oil will help Germany's BASF to meet its profit target this year, offsetting a downturn in its main industrial chemicals and plastics business.

The world's largest chemical maker said in its third quarter results:

"After the suspension of production in Libya from February to October of the previous year, it was possible to continuously produce crude oil there during the third quarter of 2012. Earnings therefore significantly exceeded the level of the previous third quarter, and net income grew considerably."

BASF own the oil company Wintershall, which has operations in Libya.

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