Total, Borealis and NOVA Chemicals close their Joint Venture in petrochemicals
Houston/Vienna, May 24, 2018 – Total Petrochemicals & Refining USA Inc. (“TPRI”), Borealis AG (“Borealis”) and NOVA Chemicals Inc. (“NOVA Chemicals”) today announced they have closed a joint venture in petrochemicals on the U.S. Gulf Coast after receiving all required regulatory approvals.
The company named Bayport Polymers LLC (“Bay-Pol”) is 50% owned by TPRI and 50% owned by Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals. Diane Chamberlain is appointed President of the new entity. The Bay-Pol joint venture includes:
- the under-construction 1Mt/y ethane steam cracker in Port Arthur, Texas
- Total’s existing polyethylene 400 kt/y facility in Bayport, Texas
- a new 625 kt/y Borstar® polyethylene unit at Total’s Bayport, Texas, site, subject to FID
“We’re excited for the future of our new company. The partnership between TPRI, Borealis and NOVA Chemicals will create a major player in the U.S. polyethylene market,” said Diane Chamberlain. “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.”
For further information, please contact:
Media Relations: Tricia Fuller, Communications Manager, Total American Services
Investor Relations: Robert Hammond, Investor Relations Manager, Total American Services
Media Relations: Jennifer Nanz, Corporate Communications Leader
Investor Relations: Patty Masry, Financial Reporting & Investor Relations Manager firstname.lastname@example.org
Virginia Mesicek, External Communications Manager
+43 1 22 400 722 (Vienna, Austria)
NOVA Chemicals’ logo is a registered trademark of NOVA Brands Ltd.; authorized use. Responsible Care® is a registered trademark of the Chemistry Industry Association of Canada. Borstar is a registered trademark of the Borealis Group.
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This press release may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A., Borealis AG and NOVA Chemicals Corporation nor any of their respective subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.