BASF to invest $500 mln at Petronas joint venture in Malaysia

FRANKFURT, April 25 Thu Apr 25, 2013 6:06am EDT

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FRANKFURT, April 25 (Reuters) - German chemicals maker BASF said it would invest $500 million at its joint venture with Malaysian state-owned oil and gas firm Petronas to boost production of aroma ingredients.

The new facility in Kuantan, Malaysia, will start making ingredients for citrus, rose and mint flavors for food and consumer products from 2016, BASF said on Thursday.

The two companies in January scrapped plans to build a new plant in Pengerang, Johor, Malaysia, but said at the time they would remain committed to expanding their joint Kuantan site.

BASF has said it would seek to strike more joint venture deals in Asia, where it aims to grow 8 percent per year through 2020. (Reporting by Ludwig Burger)

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