Petronas, BASF Scrap Part Of €1B Chem Plants Initiative

Law360, New York (January 22, 2013, 7:54 PM EST) -- Petroliam Nasional Bhd. and German chemical giant BASF SE on Monday canceled plans to build the bulk of a petrochemical refinery complex at the tip of the Malaysian peninsula, citing disagreement over terms of the project.

The cancellation scuttles a major component of the initiative the companies unveiled last spring, which called for them to channel a previously announced €1 billion ($1.3 billion) joint investment into the development and expansion of two petrochemical centers in eastern Malaysia.

Malaysia’s state-owned Petroliam Nasional, commonly referred to as Petronas,...
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