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Borealis acquires complete ownership in Novealis

April 17/2020

MOSCOW (MRC) -- Borealis AG has announced that it has completed the acquisition of NOVA Chemicalsí 50% ownership interest in Novealis Holdings LLC, according to Kemicalinfo.

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 in Houston, Texas, US.

"This acquisition supports our global growth ambitions," commented Alfred Stern, Borealis CEO.
 
"Acquiring NOVA Chemicalsí share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products," he added.

As MRC informed earlier, on 9 September 2019, Borealis held the groundbreaking ceremony for its new, world-scale propane dehydrogenation (PDH) plant. Located at the existing Borealis production site in Kallo, Belgium, the new facility has a targeted production capacity of 750,000 metric tonnes per year of propylene, making it one of the largest and most efficient plants of its kind in the world. With a total of around EUR 1 billion invested in the course of the project, the investment is the largest ever made by Borealis in Europe. It underscores the companyís commitment to its operations on the continent, and to being the supplier of choice to its European customers.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's ScanPlast report, PP shipments to the Russian market were 192,760 tonnes in January-February 2020, down by 6% year on year. Homopolymer PP accounted for the main decrease in imports.

Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With headquarters in Vienna, Austria, Borealis currently employs around 6,500 and operates in over 120 countries.

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.


mrcplast.com
Author:Margaret Volkova
Tags:North America, PP, crude and gaz condensate, homopolymer PP, propylene, ethylene, petrochemistry, Bayport Polymers, Borealis, Nova Chemicals, Total Petrochemicals, Belgium, Russia, USA.
Category:General News
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