Updated: Mon, 21 Jan 2013 07:15:30 GMT | By Agence France-Presse
BASF, the world’s biggest chemicals maker, and Malaysia oil and gas giant Petronas announced Monday they were terminating plans to set up a specialty chemicals joint venture in Malaysia.
The two companies had signed a proposal last March to develop, construct and operate production facilities for a host of specialty chemical products in Pengerang.
But “following negotiations, Petronas and BASF concluded that it would be in their mutual interest to terminate the agreement as both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture,” the two said in a joint statement.
The statement said that both companies nevertheless remained committed to continuing their existing long-term partnership.