The announcement comes in a financial statement for 2022.
The measure is an adjustment to the cost situation for a future without access to cheap Russian natural gas, which is used in many of the group’s production facilities.
BASF will also close a number of factories, including two ammonia plants and fertilizer production facilities in Ludwigshafen, Germany.
At the same time, the global economic headwind means that BASF is ending a share buyback program – a kind of dividend to the owners – prematurely.
Last year’s gas bill for BASF ended up 2.2 billion euros above 2021’s gas bill, according to the accounts. The group has previously said that it aims to reduce costs by 500 million euros per year in order to adjust the operations to the current situation.