BASF completes divestment of shares in Korla Joint Ventures

Singapore – BASF SE has successfully completed the divestment of its shares in two joint venture companies located in Korla, China. The joint ventures, BASF Markor Chemical Manufacturing (Xinjiang) Co., Ltd. and Markor Meiou Chemical (Xinjiang) Co., Ltd., have been sold to Verde Chemical Singapore Pte. Ltd., effective April 21, 2025.

This strategic move aligns with BASF’s broader goals of optimizing its global portfolio and addressing environmental concerns. The divestment comes amidst increased scrutiny over human rights issues in the Xinjiang region, although BASF has stated that internal and external audits found no evidence of human rights violations within the joint ventures.

Verde Chemical Singapore Pte. Ltd., the acquiring company, is majority controlled by Verde Ventures SGP and is establishing an intellectual property and license center in Singapore to commercialize cutting-edge technologies. Financial details of the transaction have not been disclosed by either party.

BASF remains committed to its business activities and planned investments in China, which continues to be a significant market for the chemical industry. The company aims to support its customers’ green transformation by combining economic success with environmental protection and social responsibility.

This divestment marks a significant step in BASF’s ongoing efforts to streamline its operations and focus on sustainable growth.