Petronas-Union Carbide deal

Petronas-Union Carbide deal

KUALA LUMPUR (DPA): The Malaysian state oil firm Petronas
inked a deal yesterday with U.S.-based Union Carbide Corporation
to jointly build and operate an integrated chemicals complex
aimed at turning Malaysia into a regional petrochemical center.

The 2 billion dollar complex, to be ready at northeastern
Kertih town by 2001, will be the region's first totally
integrated complex covering production of raw material to
shipments of finished products, company officials said.

The deal covers three separate projects in Kertih in
Terengganu state and a derivatives plant to supply feedstock for
detergents, paints, cosmetics, textiles and adhesives.

Hassan Marican, Petronas chief executive officer, said the
company had entered into about 15 billion ringgit worth of joint
ventures over the past two years to develop the domestic
petrochemical industry, with firms such as Germany's BASF and
Japan's Idemitsu.