13 September 2011 11:13 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s state-owned oil and gas major PETRONAS plans to build a $1.6bn (€1.18bn) petrochemical complex in Brunei with Germany’s chemical major BASF, Malaysia’s state news agency Bernama reported on Tuesday.
The proposed complex could be built at Pulau Muara Besar in Brunei, the report quoted Malaysia’s Prime Minister Najib Razak as saying, but did not give further details on the investment.
A BASF spokeswoman declined to comment on the project.
PETRONAS and BASF have a joint venture at Kuantan in Malaysia and are studying a joint investment of ringgit (M$) 4bn ($1.32bn) in specialty chemicals in the country, the spokeswoman noted.
Most of the M$4bn will be invested in a new complex in southern Johor, where PETRONAS is building a refinery, and part will be invested in a superabsorbent polymer (SAP) plant in Kuantan, she said.
A feasibility study is underway to determine the scope of the investments and the study is expected to be completed by the end of this year, she added.
In addition, PETRONAS’s subsidiary Malaysia Marine and Heavy Engineering Holdings will build a fabrication yard in Brunei, the Bernama report added, without elaborating further.
PETRONAS could not be immediately reached for comment.
Additional reporting by Anna Jagger
($1 = €0.74, $1 = M$3.03)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections