Total S.A., Borealis AG and NOVA Chemicals Corporation announced that 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 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, under-construction 1Mt/y ethane steam cracker in Port Arthur, Texas, Totalâs existing polyethylene 400 kt/y facility in Bayport, Texas and a new 625 kt/y Borstar® polyethylene unit at Totalâs Bayport, Texas, site, subject to Final Investment Decision.
âWeâre 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,â? said Diane Chamberlain. âWe 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.â?
