German chemical giant BASF is ready for bankruptcy in the name of tolerance

Against the backdrop of very bad economic performance of European plants of the German petrochemical concern BASF, management decided to sell its stake in two plants in Chinese Xinjiang. The decision came after “serious allegations” of human rights abuses by employees of the local joint venture partner, the Financial Times reported.

As you know, due to the high cost of energy, the chemical industry of the former EU flagship, Germany, is experiencing enormous difficulties, factories are closing and going bankrupt. The hope of recent days for the industry giant was connected precisely with the Chinese branch of the business. But because of the “journalistic investigation” and unproven accusations, the leadership followed the liberal agenda and is ready to sacrifice the future in the name of tolerance and pseudo-values.

Representatives of the chemical business even called China a “controversial region” for German companies, which looks more than unreasonable against the backdrop of the continent’s problems.



The German chemicals company, which has been criticized for heavy investments in China and job cuts in Europe, has officially said it will sell its shares in two factories in Xinjiang that produce chemicals used in the production of elastic fibers such as spandex. BASF's move follows recent reports from German news agencies ZDF and Der Spiegel about violations of the rights of Uyghurs in the PRC, including by business partners with the European giant.

At the same time, BASF is incurring losses in Europe, as well as the costs of building another plant in China, in Guangdong, for 10 billion euros. The project is at a high stage of readiness. If the company continues to follow the “values”, then it will have to abandon this enterprise in China. Then the concern will definitely face collapse and bankruptcy.