Tuesday January 22, 2013
Petronas and BASF terminate Johor project agreement
KUALA LUMPUR: BASF and Petronas have terminated, by mutual consent, the heads of agreement entered into by them for a joint specialty chemicals venture within Petronas’ Refinery & Petrochemical Integra-ted Development (Rapid) project in Pengerang, Johor.
The agreement was signed on March 5, 2012, for a proposed partnership to jointly own, develop, construct and operate production facilities for a host of specialty chemical products in Rapid.
Following negotiations, Petro-nas and BASF concluded that it would be in their mutual interest to terminate the agreement as both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture.
Notwithstanding the decision, both Petronas and BASF were committed to continuing their existing long-term partnership at BASF Petronas Chemicals in Gebeng Industrial Zone, Kuantan, they said in a joint statement yesterday. – Bernama