As per the deal, the partners will form a new entity to jointly own, develop, construct and operate production facilities for isononanol, highly reactive polyisobutylene, non-ionic surfactants, methanesulfonic acid, and plants for precursor materials.
Petronas will hold a 40% stake in the joint venture and BASF will hold the rest of the 60%.
Petronas executive vice president of downstream business Datuk Wan Zulkiflee said the development of a new specialty chemical products portfolio is an important component of the company’s plan to facilitate the sustainable development of its downstream petrochemical business.
The facilities will become an integral part of Petronas RAPID project and will be implemented between 2015 and 2018.
