Petroliam Nasional Bhd, Malaysia’s state energy company, aims to start a specialty chemicals venture with Germany’s Evonik Industries AG after cancelling a similar partnership with BASF SE, a person familiar with the matter said.
Petronas, as the company is known, may announce the proposal with Germany’s biggest closely held chemicals company today, said the person who asked not to be named as the information is private. Terms of the transaction are still being discussed, the person said.
Petronas and BASF had planned to invest a total of 1 billion euros (US$1.3 billion) on the project in Malaysia’s southern Johor state and expanding an existing joint venture, according to the European manufacturer’s website. The companies said in a statement Jan. 21 that they mutually agreed to terminate the partnership after failing to agree on terms.
Azman Ibrahim, a Petronas spokesman, wasn’t immediately available for comment by phone. Peter Meinshausen, Evonik’s regional president, couldn’t immediately be reached by phone at his office in Kuala Lumpur today.
Petronas, as the company is known, may announce the proposal with Germany’s biggest closely held chemicals company today, said the person who asked not to be named as the information is private. Terms of the transaction are still being discussed, the person said.
Petronas and BASF had planned to invest a total of 1 billion euros (US$1.3 billion) on the project in Malaysia’s southern Johor state and expanding an existing joint venture, according to the European manufacturer’s website. The companies said in a statement Jan. 21 that they mutually agreed to terminate the partnership after failing to agree on terms.
Azman Ibrahim, a Petronas spokesman, wasn’t immediately available for comment by phone. Peter Meinshausen, Evonik’s regional president, couldn’t immediately be reached by phone at his office in Kuala Lumpur today.
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