BASF and Petronas terminate agreement for jv within Rapid project

BASF and Petronas say that they have decided to terminate their previously announced heads of agreement (HOA) for a joint venture within Petronas’s $20-billion refinery and petrochemicals integrated development (Rapid) project at Pengerang, in Johor in southern Malaysia. The HOA was signed in March 2012. BASF and Petronas, under the HOA, had agreed to form a new entity, in which BASF would hold 60% stake and Petronas the remaining 40%, to build and operate facilities that will produce isononanol, highly reactive polyisobutylene, nonionic surfactants...

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