Joint Venture in Petrochemicals
Total, Borealis and Nova Chemicals Close Their Transaction
Total Petrochemicals & Refining USA Inc. (TPRI), Houston, TX/USA, Borealis AG, Vienna, Austria, and Nova Chemicals Inc., Calgary, Alberta, Canada, have closed a joint venture in petrochemicals on the U.S. Gulf Coast after receiving all required regulatory approvals.
The company named Bayport Polymers LLC (Bay-Pol) is 50% owned by TPRI and 50% owned by Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals. Diane Chamberlain is appointed President of the new entity.
The Bay-Pol joint venture includes the under-construction 1Mt/y ethane steam cracker in Port Arthur, Texas, Total’s existing polyethylene 400 kt/y facility in Bayport, Texas, a new 625 kt/y Borstar polyethylene unit at Total’s Bayport, Texas, site, subject to FID.
“The partnership between TPRI, Borealis and Nova Chemicals will create a major player in the U.S. polyethylene market,” said Diane Chamberlain. “We have a great opportunity to take advantage of low-cost feedstocks in the United States and deliver quality products that respond to the growing global demand for plastics.”
NOVA Chemicals Corporation
Total Petrochemicals & Refining USA, Inc.
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