Total Petrochemicals & Refining (TPRI), Borealis and Nova Chemicals announced they have closed a joint venture in petrochemicals on the US Gulf Coast after receiving all required regulatory approvals.
Houston/USA; Vienna/Austria — The company named Bayport Polymers (Bay-Pol) is 50 % owned by TPRI and 50 % owned by Novealis Holdings, 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 1 Mt/y ethane steam cracker in Port Arthur, Total’s existing polyethylene 400 kt/y facility in Bayport, and a new 625 kt/y Borstar polyethylene unit at Total’s Bayport site, subject to FID.
The partnership between TPRI, Borealis and Nova Chemicals will create a major player in the US polyethylene market, said Diane Chamberlain. The JV had 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, he added.