Monday June 4, 08:41 AM
BASF hopes for green light from EU on GM potato this year
FRANKFURT (AFP) - German chemicals giant BASF (Xetra: 515100 - news) is hoping to receive the green light from the European regulatory authorities for a genetically modified potato this year, a top executive said in a newspaper interview published Monday.
"We still believe we'll have EU approve for Amflora this year," BASF board member Peter Oakley told the business daily Handelsblatt.
Amflora is a genetically modified potato aimed for use in the paper-making industry.
If the potato is approved it will be the first EU approval of a genetically modified plant since a moratorium was introduced in 2001, Handelsblatt said.
BASF is hoping to generate annual licensing revenues of 20-30 million euros (27-40 million dollars) from Amflora.
BASF is teaming up with US firm Monsanto to invest 1.2 billion euros in the development of genetically modified plants such as corn, cotton and soya in the next 10 years.
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