Recently, business registration information shows that BASF Jilin Chemical Neopentyl Glycol Co., Ltd. has completed a major equity change. Two foreign shareholders under the German chemical giant BASF have exited, and the enterprise has changed from a Sino-foreign joint venture to a wholly-owned subsidiary of PetroChina. This is also a significant market move by BASF to exit a long-established domestic chemical joint venture project, attracting widespread attention in the chemical industry.

This equity change was approved and registered with the Jilin Provincial Market Supervision Administration on June 17, 2026.

Prior to the change, BASF (China) Limited and BASF SE were the foreign shareholders of the enterprise. With the withdrawal of these two BASF shareholders this time, the equity corresponding to the 90 million RMB previously subscribed by BASF has been fully taken over by PetroChina. Accompanying the shareholder adjustment, the company's registered capital has been adjusted from 150 million RMB to 60 million RMB, and the enterprise type has officially changed from a foreign-invested enterprise to a wholly state-owned enterprise. The legal representative has changed to Chen Jianjun, and the company's current operating status is existing.

BASF Jilin Chemical Neopentyl Glycol Co., Ltd. was established in November 1995 and is located in Jilin City, Jilin Province. It was a landmark joint venture project for BASF's layout in the Northeast China chemical market in the 1990s and is also one of the core enterprises for the earliest large-scale production of neopentyl glycol in China.

The company's main business covers the manufacturing of basic chemical raw materials and the production and sales of specialty chemical products. Its core product, neopentyl glycol, is a key raw material in fields such as powder coatings, polyester resins, and lubricants, and is widely used in downstream industries such as construction materials, industrial coatings, and fine chemicals. Since production began, it has consistently occupied a mainstream supply position for domestic neopentyl glycol and holds an important supporting role in the Northeast fine chemical industry chain.

As a long-established joint venture project where BASF and PetroChina's Jilin Chemical sector have deepened their cooperation for over 30 years, the completion of this equity transfer means that the joint venture cooperation between the two parties, lasting for more than thirty years, has officially come to an end.

From an industry background perspective, the global chemical industry has entered a cyclical adjustment phase in recent years. International chemical enterprises continue to optimize their asset layout in China, divesting some traditional basic chemical stock projects and focusing on high-growth tracks such as new energy, new materials, and fine high-end chemicals, which has become a common choice for leading enterprises. At the same time, domestic energy central enterprises are continuously improving the layout of upstream and downstream chemical industry chains, relying on upstream raw material resource advantages to integrate regional basic chemical production capacity and strengthen the independent and controllable capability of the industry chain. PetroChina's full takeover of this neopentyl glycol producer this time will help further improve the fine chemical raw material supporting system in Northeast China and consolidate the stability of local chemical raw material supply.

As of now, BASF has not yet released an official statement regarding this equity exit. Judging from the company's overall layout in China, BASF has not contracted its overall investment in the Chinese market. The BASF Integrated Site in Zhanjiang, Guangdong, has been fully put into operation, and the company continues to increase its investment in high-end business sectors such as new energy materials, environmentally friendly chemicals, and agricultural chemicals. This exit is merely an optimization and adjustment of traditional basic chemical stock joint venture assets.

Industry analysts stated that this equity change is a normal asset structure optimization behavior between multinational chemical enterprises and domestic energy central enterprises. It not only conforms to the objective laws of corporate strategic adjustment under the global chemical industry cycle but is also conducive to the capacity integration of the domestic basic chemical industry and the localization of the industry chain.

Subsequently, relying on PetroChina's advantage in upstream raw material security, this neopentyl glycol producer is expected to continue to supply the market stably and further consolidate the security of the raw material material supply chain for the domestic coatings and fine chemical industries.

From:ChemNet