French oil services group Technip and BASF are mulling a partnership giving the German chemical company access to Technip's engineering resources for capital investments mainly in Europe.

Technip on Wednesday did not give any more details of the possible long-term partnership. The company said in the same statement it had won an umbrella service contract for chemical and petrochemical projects from BASF.

"This contract represents an important milestone for Technip, building upon its long-term experience in serving the chemical industry," Technip said.

No details of the umbrella agreement were immediately available, other than that the services ranged from conducting studies to the implementation of projects.