Total SA FP Borealis AG and NOVA Chemicals Corporation said Monday that their affiliates have signed definitive agreements to form a petrochemical joint venture on the U.S. Gulf Coast.
Total will own 50% of the joint venture, with the other 50% held by Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals.
The joint venture will include an ethane steam cracker–which is under construction in Port Arthur, Texas–an existing polyethylene facility owned by Total in Bayport, Texas and a new polyethylene unit at Total’s Bayport site.
“We look forward to working with Borealis and NOVA Chemicals to create world-class facilities and become a major player in the growing U.S. and global market for polyethylene,” said Bernard Pinatel, president of refining and chemicals at Total.
NOVA Chemicals, which is headquartered in Canada, is wholly-owned by Mubadala Investment Co. of the Emirate of Abu Dhabi.
Through its holding company, Mubadala owns 64% of Borealis, with OMV AG (OMV.VI) holding the remaining stake.
The financial details of the deal, which is subject to customary closing conditions, weren’t disclosed.
By Sonia Amaral
Source: MarketWatch
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