Total, Borealis And Nova Chemicals Form Joint Venture On U.S. Gulf Coast
Feb. 23, 2018
The three companies sign definitive agreements to form a joint venture in petrochemicals on the U.S. Gulf Coast.
Total S.A., Borealis AG and Nova Chemicals Corporation announce that affiliates of the three companies have signed definitive agreements to form a joint venture in petrochemicals on the U.S. Gulf Coast. 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.
The new $1.7 billion ethane steam cracker is being built alongside Total's Port Arthur refinery and Total/BASF existing steam cracker. The project, which is scheduled to start up in 2020, will reportedly create around 1,500 jobs during peak engineering and construction activity.
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