SINGAPORE (ICIS)--BASF has placed a plan for a chemical complex in Mundra, India on hold due to uncertainties arising from the coronavirus pandemic, the German chemicals major said in a joint statement on Thursday.
BASF on 4 October last year signed a memorandum of understanding (MoU) with the Abu Dhabi National Oil Company (ADNOC), Indian conglomerate Adani Group and Austria’s Borealis to evaluate collaborating on the chemical complex in Gujarat state.
The joint feasibility study for the complex has been completed, BASF said in a statement.
“The global economic uncertainties caused by the pandemic have led the Partners to review the timing for undertaking this investment,” it said.
“Despite all attempts to optimize the scope and the configuration, the project has been put on hold,” BASF said.
The study comprised a world-scale propane dehydrogenation (PDH) plant, polypropylene (PP) production and an acrylics value chain complex.
“The Partners remain convinced about the strong fundamentals represented by the Indian market and agreed to periodically explore market conditions and discuss any opportunity that may arise over time,” BASF added.