Total, Borealis and NOVA Chemicals have completed a joint venture in petrochemicals on the US Gulf Coast after securing 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 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 further approvals
Diane Chamberlain said: “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 U.S. polyethylene market.
“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.”
Source: Company Press Release.