BASF, Petronas halt plans for jv within Rapid project

BASF and Petronas say they have decided to terminate their previously announced heads of agreement (HOA) for a possible 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, agreed to form a new entity, in which BASF would have held 60% and Petronas the remaining 40%, to build and operate facilities that would have produced isononanol, highly reactive polyisobutylene, nonionic surfactants...

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