The German chemicals giant said the divestments of its shares in the joint ventures with Xinjiang Markor Chemical Industry were mainly due to competitive pressure in the market for the chemical intermediate 1,4-butanediol (BDO) and high carbon dioxide emissions.

"Recently published reports related to the joint venture partner contain serious allegations that indicate activities inconsistent with BASF's values. Consequently, BASF will accelerate the ongoing process to divest its shares," it said in a statement.

It added that its audits have not found any evidence of human rights violations in the two joint ventures and that it has no indication that employees at the JVs were involved in such rights violations.

Beijing denies human rights abuses in Xinjiang.

(Reporting by Ludwig Burger; editing by Matthias Williams and Miranda Murray)

By Ludwig Burger