HOUSTON, May 23, 2018 /CNW/ -- Total S.A. (NYSE: TOT)
("Total"), Borealis AG ("Borealis") and NOVA
Chemicals Corporation ("NOVA Chemicals") today announced they
have closed a joint venture in petrochemicals on the U.S. 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 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
"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," said Diane Chamberlain. "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."
About Bayport Polymers LLC ("Bay-Pol")
Bay-Pol is a joint venture 50% owned by Total and 50% owned by
Novealis Holdings LLC, a joint venture between Borealis and NOVA
Chemicals. The JV is the translation of the growth ambitions of
each of the partners. It combines Total's existing Bayport, Texas, polyethylene 400 kt/y facility with the
Borealis proprietary Borstar® technology and NOVA Chemicals' deep
customer and technical expertise in polyethylene to deliver a broad
range of products to help meet the growing global demand for
plastic products. It also includes the under-construction 1Mt/y
ethane steam cracker in Port Arthur,
Texas, and a new 625 kt/y Borstar® polyethylene unit at the
Bayport site, subject to further
approvals.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits. www.total.com
About NOVA Chemicals
NOVA Chemicals develops and manufactures chemicals and plastic
resins that make everyday life safer, healthier and
easier. Our employees work to ensure health, safety, security
and environmental stewardship through our commitment to
sustainability and Responsible Care®. NOVA Chemicals,
headquartered in Calgary, Alberta,
Canada, is wholly-owned, ultimately by Mubadala Investment
Company of the Emirate of Abu Dhabi,
United Arab Emirates. www.novachem.com
About Borealis
Borealis is a leading provider of innovative solutions in the
fields of polyolefins, base chemicals and fertilizers. With its
head office in Vienna, Austria,
the company currently has around 6,600 employees and operates in
over 120 countries. Borealis generated EUR
7.5 billion in sales revenue and a net profit of
EUR 1,095 million in 2017. Mubadala,
through its holding company, owns 64% of the company, with the
remaining 36% belonging to Austria-based OMV, an integrated,
international oil and gas company. Borealis provides services and
products to customers around the world in collaboration with
Borouge, a joint venture with the Abu Dhabi National Oil Company
(ADNOC). www.borealisgroup.com
NOVA Chemicals' logo is a registered trademark of NOVA Brands
Ltd.; authorized use. Responsible Care® is a registered
trademark of the Chemistry Industry Association of Canada. Borstar is a registered trademark of
the Borealis Group.
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total" and "Total Group"
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
"we", "us" and "our" may also be used to refer to subsidiaries in
general or to those who work for them.
This press release may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A., Borealis
AG and NOVA Chemicals Corporation nor any of their respective
subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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SOURCE Total