Total S.A., Borealis AG and NOVA Chemicals Corporation have announced that affiliates of the three companies have signed definitive agreements to form a joint venture in petrochemicals on the U.S. Gulf Coast.
In this joint venture 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
