Corrected: PETRONAS working with BASF on new $1.36bn project

26 July 2011 12:25  [Source: ICIS news]

Correction: In the ICIS story headlined “PETRONAS working with BASF on new $20.2bn project in Malaysia” dated 26 July 2011, please read in the headline… $1.36bn project…instead of…$20.2bn project. Also please read in the first paragraph...(M$) 4bn...instead of...(M$) 60bn. A corrected story follows.

SINGAPORE (ICIS)--PETRONAS is currently working with German chemicals major BASF on a Malaysian ringgit (M$) 4bn ($1.36bn) project to be built at a new integrated complex at Pengerang in southern Johor, a top industry executive said on Tuesday.

The project is expected to be completed by the end of 2012, PETRONAS Chemicals chairman Wan Zulkiflee Wan Ariffin was quoted by national news agency Bernama as saying.

The joint venture project will be part of PETRONAS’new $20bn integrated refinery and petrochemicals complex in southern Johor, Bernama said without further elaborating on details.

Both companies will also undertake a feasibility study to expand some of PETRONAS Chemicals’ facilities in Gebeng, Pahang, which includes an investment of M$4bn, Bernama quoted Wan Zulkiflee as saying without elaborating further.

BASF and PETRONAS had earlier in March this year announced plans to conduct a feasibility study for a superabsorbent polymers plant in Malaysia.

The feasibility study is expected to be completed by the end of 2011, Wan Zulkiflee said.

BASF and PETRONAS Chemicals operate a joint venture integrated petrochemicals complex, producing acrylic monomers, oxo products and butanediol in the Gebeng industrial zone in Pahang, Malaysia, they said.

Meanwhile, PETRONAS Chemicals is currently searching for “internal and external sources of funding” for a new $1.5bn fertilizer plant in Sipitang, Sabah, according to Wan Zulkiflee.

The fund raising exercise for the development of the fertilizer plant is expected to be concluded by the end of 2011, Wan Zulkiflee was quoted as saying.

PETRONAS Chemicals is willing to offer an up to 30% stake in the fertiliser project, according to Bernama.

PETRONAS was not immediately available for comment.

($1 = M$2.95)

For more on BASF and PETRONAS visit ICIS company intelligence

By: Nurluqman Suratman

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