BASF sells stakes in two China ventures after reports of human rights abuses

BASF said it was speeding up the sale of its stakes in the two ventures in China (Alamy/PA)

German chemical company BASF said that it was speeding up the sale of stakes in two joint ventures in China after its local partner was accused of human rights abuses in media reports.

BASF said in a news release that the market for the industrial chemicals made at the production sites in Korla in China’s Xinjiang region was under increased competitive pressure and oversupplied.