Petronas and BASF terminate heads of agreement for joint project in Pengerang, Malaysia

BASF and PETRONAS announced today 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, has been terminated by mutual agreement.

The HoA 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, 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.

Notwithstanding this decision, both PETRONAS and BASF are committed to continuing their existing long-term partnership at BASF PETRONAS Chemicals in Gebeng Industrial Zone, Kuantan, Pahang.

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