2/19/2018, 6:32 PM (Source: TeleTrader)
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Total starts petrochemicals JV with Borealis, NOVA

Total SA, French producer and supplier of fossil fuels and power, said on Monday that it will expand its petrochemicals business with a 50% stake in a newly established entity in the United States. Novealis Holdings Llc, a joint venture of Borealis AG of Austria and Canada's NOVA Chemicals Corp., will hold the other half of the manufacturing firm, the statement adds.

The assets include Total's polyethylene facility of 400,000 tons per year in Bayport, Texas, while the site is planned for a Borealis Borstar technology unit of pipe-grade 625,000 tons per year, the companies revealed. The third chunk of the new business in will be the ethane steam cracker in Port Arthur in the same US state. The $1.7 billion plant under construction is designed for one metric ton per year. Total highlighted the intention to tap on cheap gas in the Gulf of Mexico coastline.

Mubadala Investment Co. of the Emirate of Abu Dhabi owns NOVA and a 64% stake in Borealis, with the remainder controlled by OMV AG.

Baha Breaking News (BBN) / IT