KUALA LUMPUR, MALAYSIA -- Malaysian national oil corporation Petronas, said it has mutually agreed to terminate an agreement with BASF SE to form a specialty chemicals venture.
"Both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture," Petronas said in a Jan. 21 statement.
The companies had signed a deal on March 5 to develop, construct and operate production facilities for a host of specialty chemical products in Petronas' integrated product, dubbed RAPID, in Pengerang.
Petronas and BASF remain committed to continuing their existing long-term partnership at BASF Petronas Chemicals in Gebeng Industrial Zone in Kuantan.
The multi-billion dollar RAPID project, comprising an ambitious refining and downstream product processing, is still in the early stages of development.