Borealis to Form a PE Joint Venture with Nova Chemicals and Total
Borealis AG and Nova Chemicals Corporation signed a preliminary agreement to form a joint venture (JV) with Total Petrochemicals and Refining USA, Inc. that will develop and own a new light feed cracker in Port Arthur, Texas, and a new Borstar polyethylene (PE) facility in Bayport, Texas.
The JV is expected to be established in late 2017, pending regulatory approvals, and the final investment decision on the Borstar PE plant will be taken simultaneously. The ethylene cracker and Borstar PE plant are planned to start-up in late 2020. The joint venture will create significant synergies by enabling strong integration of the value chain and the first-time use of the proprietary Borstar PE process technology in the Americas. It will also provide competitive export access to markets outside of North America to help meet the growing global demand for PE.
"Working in a JV with NOVA Chemicals and Total on a cost-effective brownfield investment project, integrated with a cracker, is an attractive opportunity. We can also leverage our proven technology and benefit from large scale experience gained in other projects (e.g. Borouge) and develop the project together with Nova Chemicals," said Borealis CEO Mark Garrett.
NOVA Chemicals Corporation
Total Petrochemicals & Refining USA, Inc.
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