Total, Borealis and NOVA forayed into definitive agreements to form a JV in petrochemicals

Total S.A, Borealis AG and NOVA Chemicals Corporation asserted that affiliates of the three companies have forayed into definitive agreements to form a joint venture in Petrochemicals on the U.S Gulf Coast.

The Joint venture will encompass Total holding a 50% stake, Novealis Holdings LLC holding the rest which is primarily a joint venture between Borealis and NOVA Chemicals that will commence subject to customary closing conditions.

The JV enumerates : 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.

Bernard Pinatel, President, Refining & Chemicals, Total said “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.”

NOVA Chemicals CEO, Todd Karran said “Partnering with Total and Borealis will allow us to better serve our customers throughout the Americas by delivering a broader slate of products that help make everyday life healthier, easier and safer.”