March 21, 2012

PETRONAS and BASF Sign Agreement to Develop RAPID Complex

Malaysia's state-owned oil-and-gas firm Petroliam Nasional Bhd (PETRONAS) announced that it has signed an agreement with BASF SE (BAS.XE) to form a joint venture to develop a new refinery project in Pengerang, Johor.

Under the agreement, Petroliam Nasional, or Petronas, will hold a 40% stake in the venture and BASF will hold the remaining 60%, Petronas said in a statement.

The project is part of Petronas' planned Refinery & Petrochemical Integrated Development (RAPID) complex in Pengerang, it said.

The joint venture will own, develop, construct and operate production facilities for isononanol, highly reactive polyisobutylene, non-ionic surfactants, methanesulfonic acid, and plants for precursor materials, Petronas said.

Source: Fox Business