France’s Total and two subsidiaries of UAE investment house Mubadala – Austria’s Borealis and Canada’s Nova Chemicals – have signed “definitive agreements” to form a JV to produce petchems on the US Gulf Coast.
Total will have 50%, and ‘Novealis Holdings’, itself a JV grouping Borealis and Nova, 50%. Total/Novealis will be based around an under-construction $1.7bn, 1mn t/y ethane cracker at Port Arthur, Texas due online in 2020. It will process around 100mn cfd of ethane, recovered from locally-produced shale gas. (CONTINUED - 390 WORDS)