Petchem Joint Venture Agreement Between Total, Borealis and NOVA
Amongst many news coming out every minute during the PLAST 2018 international Plastics and Rubber exhibition, there are some news that no one can close eyes on it. Now the one of it is:
Total, Borealis and NOVA Chemicals has announced they have closed a joint venture in petrochemicals on the U.S. Gulf Coast after receiving all required regulatory approvals.
The company named Bayport Polymers (“Bay-Pol”) is now a a joint venture between Borealis and NOVA Chemicals, with 50 per cent owned by Total and 50 per cent owned by Novealis Holdings.
The Bay-Pol joint venture includes, Total’s existing polyethylene 400 kt/y facility in Bayport, Texas, the under-construction 1Mt/y ethane steam cracker in Port Arthur, Texas and a new 625 kt/y Borstar polyethylene unit at Total’s Bayport, Texas, site, subject to FID.
“We’re excited for the future of our new company. The partnership between Total, Borealis and NOVA Chemicals will create a major player in the U.S. polyethylene market,” said Diane Chamberlain, President of the new entity.
“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.”
about NOVA Chemicals
Our strategy leverages our ability to deliver game changing technology and create an exceptional customer experience to help meet the growing consumer demand for polyethylene in the Americas.
In our pursuit, NOVA Chemicals has several key strategic priorities including:
- Growing significantly beyond our traditionally Canadian production footprint, which includes gaining additional access to the U.S. Gulf Coast feedstock and supplying our customer markets in the Americas.
- Delivering game changing technology that makes tomorrow even better than today.
- Being actively sought after by all of our stakeholders