02 August 2002 03:15 [Source: ICIS news]
SINGAPORE (CNI)--BASF Petronas Chemicals raised its prices for acrylic acid and acrylic esters in the Asia Pacific market by $100/tonne as of 1 August 2002, CNI learned on Friday.
The company said the price increase was due to insufficient margins caused mainly by a dramatic rise in raw material costs.
The company said obligations of running contracts would be fulfilled and any price adjustments would only be made within agreed frameworks.
BASF Petronas Chemicals, a joint venture between BASF (60%) and Malaysia's state-owned Petronas (40%), operates a world-scale integrated chemical site in the Gebeng Industrial Zone in Kuantan, Malaysia. It includes an acrylics complex that started production at the end July 2000.
In April 2001, the oxo/syngas complex became fully operational and a butanediol complex is currently under construction. The total investment for the whole project at the Gebeng site is $900m.
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