(CercleFinance.com) – BASF announces that it has begun the process of selling its interests in two joint ventures, namely BASF Markor Chemical Manufacturing (Xinjiang) and Markor Meiou Chemical (Xinjiang), both located in the city of Korla, China.
As part of BASF’s global strategy for 1,4-butanediol (BDO), BASF was required to assess the market environment and carbon footprint of BDO products at different production sites around the world.
BASF assures that internal and external audits have revealed ‘no evidence of human rights violations in the two joint ventures’.
‘Nevertheless, recently published reports regarding the joint venture partner contain serious allegations of activities inconsistent with BASF’s values,’ the company said without elaborating.
BASF therefore intends to accelerate the ongoing process of selling its shares in the two joint ventures.
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