BASF has officially divested its holdings in two joint ventures in Korla, China: BASF Markor Chemical Manufacturing (Xinjiang) Co., Ltd. and Markor Meiou Chemical (Xinjiang) Co., Ltd. According to a news announcement on the German company’s website dated April 22, the shares were transferred to Verde Chemical Singapore Pte. Ltd. after regulatory permission. The deal took effect on April 21, 2025. Both parties have agreed to keep the financial specifics undisclosed.
Verde Chemical Singapore Pte. Ltd., based in Singapore, is principally owned by Verde Ventures SGP, which is also located in Singapore. The corporation is now constructing a new intellectual property and licensing base in Singapore to commercialize sophisticated technology. Verde, which is backed by minority stakeholder GSS Energy Limited, intends to apply these advances to boost manufacturing capacities throughout Southeast Asia.
BASF announced plans to divest its shares in two joint ventures in February 2024, citing the significantly higher carbon footprint of BDO (butanediol) and polytetrahydrofuran production in Korla, Xinjiang, owing to the reliance on coal and the energy-intensive nature of the manufacturing process. As a result, the company revised its strategy, focusing on providing more competitive, low-carbon options that are consistent with its environmental objectives.