May 20 (Reuters) - German chemical group BASF is pushing more cost-cutting and on Wednesday also announced it had signed an agreement to sell its silicates business to U.S. rival PQ.

* BASF to operate core businesses at up to 20% lower net cash fixed costs by 2029, statement says

* This is also likely to lead to job cuts, Chief Executive Markus Kamieth tells the Handelsblatt newspaper

* "It is one of the largest optimization programmes for BASF, a new operating system for the company," he said. "It will lead to a new core business with fewer employees"

* BASF to sell silicates business to PQ, which is headquarted in Malvern, Pennsylvania, a statement says

* The transaction is expected to be completed in H2 2026

* The parties have agreed not to disclose the financial details of the transaction

* PQ will acquire the sodium silicates business and the associated activities at BASF’s Duesseldorf/Holthausen site