BASF, Petronas terminateJV RAPID project in Pengerang, Malaysia

BASF, Petronas terminate the JV RAPID project in Pengerang, Malaysia

9:56 AM, 21st January 2013
BASF, Petronas terminate the JV RAPID project in Pengerang, Malaysia

LUDWIGSHAFEN, GERMANY/KUALA LUMPUR, MALAYSIA: BASF and Petronas announced that the Heads of Agreement (HoA) between the two parties for a joint speciality chemicals venture within Petronas’ Refinery & Petrochemical Integrated Development (RAPID) project in Pengerang, Johor, Malaysia has been terminated by mutual agreement.

The HoA was signed on 5 March 2012, for a proposed partnership to jointly own, develop, construct and operate production facilities for a host of specialty chemical products in RAPID. Petronas and BASF concluded that it would be in their mutual interest to terminate the HoA as both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture.

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