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MOSCOW (MRC) -- Nova Chemicals, a
wholly owned subsidiary of the Mubadala Investment Co. (Abu Dhabi), has
announced that Todd Karran, president and CEO, has elected to retire, effective
1 August 2020, said Chemweek.
A
career veteran of Nova Chemicals, Karran has served as president and CEO since
2015. He joined Nova in 1985 and was previously CFO; vice president/corporate
development and treasurer; chief information officer; vice
president/applications; and vice president and controller/olefins and
polyolefins.
Karran has led the company through significant growth
and expansion projects, including the completion and start-up of a new
polyethylene reactor in Alberta, Canada; the decision to expand Nova’s
geographical footprint into the US Gulf Coast; and building a second advanced
Sclairtech technology facility in Ontario, Canada.
“There have
been a number of important milestones achieved under [Karran’s] leadership and
we truly appreciate his commitment to the Nova family and, not least, ensuring
an unwavering focus on safety,” says Musabbeh al Kaabi, chairman of the board of
directors. The board is currently finalizing arrangements to hire “a talented
and experienced leader” to replace Karran, Kaabi says.
As MRC informed earlier,
Borealis AG and NOVA Chemicals Corporation has 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.
As MRC reported
earlier, in January 2017, NOVA Chemicals announced the start up of its new
world-scale linear low density polyethylene (LLDPE) gas phase reactor at its
Joffre, Alberta site.
Besides, NOVA Chemicals expanded ethylene
production capacity by 20% at its cracker in Corunna, Ontario from the previous
capacity of about 839,000 tpy. The expansion occurred between 2014 and 2018 and
was part of a wave of expansions and upgrades to NOVA's existing facilities near
Sarnia, Ontario. Other upgrades in the plan included a debottlenecking of the
Moore low-density polyethylene (LDPE) line and a retrofit of the Moore
high-density polyethylene (HDPE) line.
Ethylene and propylene are
feedstocks for producing polyethylene (PE) and polypropylene
(PP).
According to MRC's ScanPlast report,
Russia's estimated PE consumption totalled 721,290 tonnes in the first four
month of 2020, up by 4% year on year. Low density polyethylene (LDPE) and linear
low density polyethylene (LLDPE) shipments grew partially because of the
increased capacity utilisation at ZapSibNeftekhim.
NOVA Chemicals
Corporation is a plastics and chemical company headquartered in Calgary,
Alberta, Canada, and is wholly-owned ultimately by Mubadala Investment Company
of the Emirate of Abu Dhabi, United Arab Emirates. |
