Nova, Total and Borealis close their petrochemical JV
The joint venture, named Bayport Polymers LLC, is 50 per cent owned by Total and 50 per cent owned by Novealis Holdings LLC, a joint venture between Borealis and Nova.
Calgary-based Nova Chemicals Corp. has closed its petrochemical production joint venture on the U.S. Gulf Coast with chemical makers Total S.A. and Borealis AG after receiving all required regulatory approvals.
The company, named Bayport Polymers LLC, is 50 per cent owned by Total and 50 per cent owned by Novealis Holdings LLC, a joint venture between Borealis and Nova.
Diane Chamberlain has been appointed as president of the new entity.
The Bay-Pol Joint venture includes the under-construction one million tons per year ethane steam cracker in Port Arthur, Texas; Total’s existing polyethylene 400 kt per year facility in Bayport, Texas; and a new 625 kt per year Borstar polyethylene unit at Total’s Bayport, Texas, site.
“The partnership between Total, Borealis and Nova will create a major player in the U.S. polyethylene market,” Chamberlain said in a statement. “We have a great opportunity to take advantage of low-cost feedstocks in the United States and deliver quality products that respond to the growing global demand for plastics.”