Total S.A, Borealis AG and NOVA Chemicals Corp. have closed a joint venture (JV) in petrochemicals on the US Gulf Coast after receiving all required regulatory approvals.
The company, named Bayport Polymers LLC (Bay-Pol), is 50% owned by Total and 50% owned by Novealis Holdings LLC, a JV between Borealis and NOVA Chemicals. Diane Chamberlain is appointed President of the new entity. The Bay-Pol JV includes:
- The under-construction 1 million tpy ethane steam cracker in Port Arthur, Texas, US.
- Total's existing polyethylene 400 000 tpy facility in Bayport, Texas a new 625 000 tpy Borstar® polyethylene unit at Total's Bayport, Texas, site, subject to further approvals.
"We're excited for the future of our new company. The partnership between Total, Borealis and NOVA Chemicals will create a major player in the US polyethylene market," said Chamberlain. "We have a great opportunity to take advantage of low-cost feedstocks in the US and deliver quality products that respond to the growing global demand for plastics."
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/24052018/total-borealis-and-nova-chemicals-close-petrochemicals-jv/