BASF and Petronas agree to terminate speciality chemicals venture within RAPID

22-Jan-13

BASF and Petroliam Nasional Bhd have terminated their speciality chemicals venture within Petronas' Refinery & Petrochemical Integrated Development (RAPID) project in Pengerang, Johor. Petronas and BASF have concluded that it would be in their mutual interest to terminate the HoA (Heads of Agreement) as both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture. Despite the termination of the venture, Petronas and BASF remain committed to continuing their long-term partnership at BASF Petronas Chemicals in Gebeng Industrial Zone, Kuantan.