RSS feed: news [?]

Home » News » Total, Borealis and NOVA Chemicals Sign Definitive Agreements to Form a Joint Venture in Petrochemicals

The joint venture – in which Total will own 50% and Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals, will own the remaining 50% – will commence subject to customary closing conditions, including receipt of regulatory approvals.

The joint venture will include: 
- the under-construction 1 Mt/y (2.2 b lb) ethane steam cracker in Port Arthur, Texas
- Total’s existing polyethylene 400 kt/y (880 m lb) facility in Bayport, Texas
- a new 625 kt/y (1.35 b lb) Borstar ® polyethylene unit at Total’s Bayport, Texas, site, following a decision on the outcome of an acceptable EPC contract

As announced in March 2017, the new $1.7 billion ethane steam cracker is being built alongside Total’s Port Arthur refinery and Total/BASF’s existing steam cracker. The project, which is scheduled to start up in 2020, will create around 1,500 jobs during peak engineering and construction activity.

“This agreement is a key milestone for this integrated petrochemicals project. This joint venture is aligned with Total’s strategy to strengthen our position by taking advantage of low-cost U.S. gas,” said Bernard Pinatel, President, Refining & Chemicals, Total. “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.”

All rights reserved. No information from the web site may be reproduced without the permission of the magazine's editorial board.

© Eurasian chemical market, 2005-2023