Mubadala To Invest In US

Austria’s Borealis and Canada’s Nova Chemicals, both subsidiaries of UAE investment house Mubadala – and both acquired in Mubadala’s takeover of fellow state fund IPIC – are partners in a joint venture led by France’s Total which plans to build a petrochemicals complex in Texas.

Total has 50% of the JV, with Borealis and Nova splitting the remainder. Total says a final investment decision, which would see the establishment of the JV will be taken late this year.

The project involves a planned $1.7bn 1mn tons/year ethane cracker to be built at Port Arthur, Texas. The cracker will require almost 100mn cfd of ethane feedstock, which will be sourced from US domestic gas. (CONTINUED - 357 WORDS)