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NOVA Chemicals and Statoil ink MOU for ethane supply

July 28/2011

(Plastemart) -- NOVA Chemicals, a developer and manufacturer of plastic resins, chemicals and end-products, and Statoil Marketing and Trading (Statoil) have entered into a memorandum of understanding (MOU) for ethane supply from the Marcellus Shale Basin.

Statoil will supply additional ethane to NOVA Chemicals cracker project in Corunna, Ontario. Randy Woelfel, CEO of NOVA Chemical stated that the ethane supply will help in the diversification of the companys supply base for the Corunna project and will also support the future growth plans. Statoils President, Martin Jones commented that they have been working with NOVA Chemicals for several years and seek to continue the commercial relationship. The company is delighted to sign a purchase and sale agreement with NOVA Chemicals to deliver ethane from the Marcellus Shale Basin.

In addition to this definitive supply agreement and customary reviews and approvals, NOVA Chemicals has ended up with a pipeline transportation agreement to ship ethane from the basin to the petrochemical market in Sarnia, Ontario.

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