Nov 29 (Reuters) - German chemicals company BASF increased its 2020 sales target to 115 billion euros ($153.5 billion) on Tuesday from a previous 90 billion as a rapid global population growth drives chemicals production.
BASF expects to reach earnings before interest, tax depreciation and amortisation of 23 billion euros by 2020, helped by a new cost-cutting programme, it said at a strategy presentation.
The group said it expected the chemical industry's production volume to rise by an average 4 percent each year and that BASF would grow 2 percentage points