Enterprise Acquires Ethylene Storage Business From NOVA Chemicals
July 01 2021 - 11:01AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) and NOVA Chemicals
Corporation (“NOVA Chemicals”) today announced that a subsidiary of
Enterprise has acquired a wholly owned subsidiary of NOVA
Chemicals, which operates an ethylene storage business and trading
hub in Mont Belvieu, Texas. NOVA Chemicals, one of the largest
merchant ethylene producers and marketers on the U.S. Gulf Coast,
will be a long-term storage customer in the Enterprise system.
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“The acquisition, which gives Enterprise ownership of the
largest ethylene market hub in Texas since it was established in
2001, will complement Enterprise’s own growing ethylene network in
the region,” said Chris D’Anna, senior vice president,
Petrochemicals of Enterprise’s general partner. “The combined
system offers multiple benefits for producers, consumers and
traders, such as increased physical connectivity, greater market
liquidity and pricing transparency, as well as improved access to
Enterprise’s ethylene midstream services, including our export
terminal and growing Gulf Coast pipeline system.”
“This transaction provides the best long-term solution for the
Mont Belvieu ethylene storage business and trading hub, allowing
NOVA to focus on our core business of ethylene and polyethylene
production, including the safe and successful completion of our
world-class Advanced SCLAIRTECH technology facility in Ontario that
will deliver recycle ready resins for sustainable packaging
solutions,” stated John Thayer, senior vice president sales and
marketing for NOVA Chemicals.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and export and import terminals; crude oil gathering,
transportation, storage and export and import terminals;
petrochemical and refined products transportation, storage, export
and import terminals and related services; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 50,000 miles of pipelines; 260 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 Bcf of natural gas storage capacity.
Please visit www.enterpriseproducts.com for more information.
NOVA Chemicals develops and manufactures chemicals and plastic
resins that make everyday life healthier, easier and safer. 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. Visit
NOVA Chemicals on the Internet at www.novachem.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise their respective
forward-looking statements, whether as a result of new information,
future events or otherwise.
The 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.
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Enterprise Contacts Randy
Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745,
rburkhalter@eprod.com Rick Rainey, Media Relations, (713) 381-3635,
rrainey@eprod.com NOVA Contacts
Jennifer Nanz, Director, Corporate Communications,
jennifer.nanz@novachem.com Patty Masry, Leader, Financial Reporting
and Investor Relations, patty.masry@novachem.com
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