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Mubadala has no plans to sell Nova Chemicals

January 28/2020

MOSCOW (MRC) -- Mubadala has no plans for now to sell Canadian plastics maker Nova Chemicals, according to its CEO for Petroleum and Petrochemicals Musabbeh Al-Kaabi, reported Bloomberg.

He spoke exclusively to Bloomberg's Manus Cranny at the Atlantic Council Global Energy Forum in Abu Dhabi.

As MRC informed earlier, Borealis AG and NOVA Chemicals Corporation has recently announced they have reached an agreement for Borealis to buy NOVA Chemicals 50% ownership interest in Novealis Holdings LLC (Novealis). Formed in 2018, Novealis is the joint venture between affiliates of Borealis and NOVA Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A. to launch Bayport Polymers LLC (Baystar) in Houston, Texas, US.

Closing of the acquisition is subject to customary regulatory approvals and other conditions but is not subject to any financing condition. The parties expect the transaction to close in the first half of 2020.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.

NOVA Chemicals Corporation is a plastics and chemical company headquartered in Calgary, Alberta, Canada, and is a wholly owned subsidiary of the International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi, United Arab Emirates.
Author:Margaret Volkova
Tags:PP, PE, homopolymer PP, Borealis, Nova Chemicals, Total Petrochemicals, Canada, Russia, USA.
Category:General News
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