21 January 2013 08:51 [Source: ICIS news]
SINGAPORE (ICIS)--German chemicals company BASF announced in a statement on Monday that it has reached a mutual agreement with Malaysia’s PETRONAS to terminate their joint speciality chemicals venture in Pengerang, Johor.
Following negotiations, both companies concluded that it would be in their mutual interest to terminate the Heads of Agreement (HoA) for the partnership as they were unable to agree on the terms and conditions.
BASF said the HoA was signed on 5 March 2012 to jointly own, construct and operate production facilities for a variety of speciality chemical products within PETRONAS’s Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang.
While the proposed project has been discontinued, PETRONAS and BASF remain committed to their existing joint production facility at Gebeng Industrial Zone in Kuantan, the German firm added.
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