The 50,000 sq m site, which has been left idle since October 2008 due to oversupply in the regional market, is to be taken over by the South Korean firm, a move which will affect the jobs of 34 employees at the facility.
BASF states that it will continue to supply the Asian market with products such as polystyrene and acrylonitrile-butadiene-styrene copolymer despite the sale, while styrene monomer will now be acquired from other sources.
Joachim Streu, president of BASF's global styrenics unit, said: 'We are working intensively to restructure and significantly improve profitability in the styrenics value chain. In order to shape the business sustainably, we are considering all options.'
SK Energy produces batteries for Hyundai cars and has recently developed six fuel cell technologies for hybrid and electric vehicles.