Canadian Plastics

Nova Chemicals acquired by Abu Dhabi group

Abu Dhabi's state oil company International Petroleum Investment Company (IPIC) has announced plans to buy Nov...

February 25, 2009   Canadian Plastics

Abu Dhabi’s state oil company International Petroleum Investment Company (IPIC) has announced plans to buy Nova Chemicals, a Canadian polyethylene supplier and cracker operator, for $2.3 billion.

The purchase is subject to regulatory approvals.

 Under the agreement, Nova will continue to operate as a stand alone company to invest substantially in its operations in Alberta and Ontario.

 “This acquisition will provide enhanced balance sheet strength for Nova Chemicals and facilitate Nova Chemicals growth internationally. We can provide stability and allow Nova Chemicals to meet its operational and financial requirements while continuing to expand and invest in its business,” said Ipic managing director H. E. Khadem Al Qubaisi.

 “The opportunity to join Ipic comes at a good time for Nova Chemicals. Ipic is well financed and has a track record of working successfully with companies like ours,” said Nova CEO Jeff Lipton. 


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