Total, Borealis and NOVA Chemicals has announced they have closed a joint venture in petrochemicals on the U.S. Gulf Coast after receiving all required regulatory approvals.
With 50 per cent owned by Total and 50 per cent owned by Novealis Holdings, the company named Bayport Polymers (“Bay-Pol”) is now a joint venture between Borealis and NOVA Chemicals.
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 and a new 625 kt/y Borstar polyethylene unit at Total’s Bayport, Texas, site, subject to FID.
Diane Chamberlain, President of the new entity, 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.”