Total, Borealis and Nova Chemicals announced that affiliates of the three companies have signed definitive agreements to form a joint venture in petrochemicals on the US Gulf Coast.
Paris/Vienne/Calgary — The joint venture — in which 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 ethane steam cracker in Port Arthur, the company's existing polyethylene 400 kt/y facility in Bayport, as well as a new 625 kt/y Borstar polyethylene unit at the Bayport site.
As announced in March 2017, the new $ 1.7 billion ethane steam cracker is being built alongside the company’s Port Arthur refinery and Total/BASF existing steam cracker. The project is scheduled to start up in 2020.