BASF to cut costs after $720 million writedown linked to Nord Stream

Germany-based chemicals group BASF SE is planning to reduce annual costs by €500 million ($485 million) up to 2024 in Europe, including job cuts, after it took a €740 million writedown linked to the Nord Stream 1 pipeline, U.S. News reported citing Reuters. The company said it would also look into restructuring its chemical sites further in the region over the longer term after being hit by skyrocketing energy prices.