BASF, Petronas Investing in Chemical Venture in Malaysia
December 6, 2010
Bloomberg reports, BASF and Petronas are evaluating a joint venture in Malaysia to produce specialty chemicals for customers in Asia. BASF is investing 2 billion euros in Asia and it aims to manufacture 70 percent of its sales there by 2020. For Petronas, the venture would highlight its strategy to expand downstream from oil and gas after holding Malaysia’s biggest initial public offering last month. The two companies first began partnering on projects in 1997 and jointly operate plants making acrylic monomers and butanediol.