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.
About PETRONAS
PETRONAS is a Global Fortune 500 company wholly owned by the Government of Malaysia. It is principally involved in all spectrum of integrated oil, gas and petrochemical industries with operations and strategic presence in more than 60 countries worldwide. For the year ended March 31, 2011, PETRONAS recorded a group revenue of US$76.8 billion.
About BASF
BASF is the world’s leading chemical company: Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society
BASF
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