Petronas Chemicals Group Bhd and BASF Nederland BV have agreed to invest RM1.5 billion in an aroma ingredients complex in Pahang, according to a stock exchange filing on Wednesday.
The board of BASF-Petronas Chemicals Sdn Bhd, a joint venture between BASF and Petronas Chemicals on a 60:40 basis, has approved the final investment decision, Petronas Chemicals said in the filing.
The first plant will come on stream in 2016, the chemical unit of Malaysia's state oil firm Petroliam Nasional Bhd said. BASF Nederland is part of German chemical group BASF SE.
"The project will allow the parties to meet the globally growing demand of customers in the flavour and fragrance industry, especially in Asia," Petronas Chemicals said. – Reuters.
Posted via Blogaway