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NOVA Chemicals appoints Avik Dey as new CFO

June 15/2021

MOSCOW (MRC) -- NOVA Chemicals Corporation has announced Avik Dey will become Senior Vice President and Chief Financial Officer, effective June 15, as per the company's press release.

Dey succeeds Julie Beck, who will transition to the role of Special Advisor to the Chief Executive Officer.

Dey will be responsible for NOVA Chemicals finance, strategy, information technology, and government relations teams, reporting to Luis Sierra, President and CEO.  He will become a member of NOVAs senior executive committee and will be based in Calgary, AB.

Dey joins the company from the Canadian Pension Plan Investment Board (CPPIB) where he most recently served as Managing Director, Head of Energy & Resources. While at CPPIB, Dey held numerous board memberships and led the strategy to build the portfolio of one of the worlds leading private investors focused on energy transition. Throughout his 20-year career, Dey has invested over USD9Bn of private and public capital and is an established, highly regarded investor, entrepreneur, and corporate executive. He has held senior financial, accounting and control leadership positions across energy, investment management and professional sports in Canada and the US.

Dey currently serves as a director of Enactus Canada.  He has recently served on the boards of Calpine Corporation, Seven Generations Energy, Wolf Midstream and Chaired the boards of Teine Energy and Crestone Peak Resources.  Dey was named to Canadas Top 40 under 40 for 2017 and holds a Bachelor of Commerce from the University of Calgary.

As MRC reported earlier, in May 2021, three leading resin makers Canadas Nova Chemicals Corp. among them established a USD100-million investment fund to help finance recovery and recycling of polyethylene (PE) and polypropylene (PP) in Canada and the US. Nova, Dow Inc. and LyondellBasell Industries are contributing a total of USD25 million to start the Closed Loop Circular Plastics Fund, which they said they hope to grow to USD100 million with money from other corporate and financial investors. The fund is being managed by New York-based investment firm Closed Loop Partners.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.

NOVA Chemicals, headquartered in Calgary, Alberta, Canada, is wholly owned ultimately by Mubadala Investment Company of the Emirate of Abu Dhabi, United Arab Emirates. The company develops and manufactures chemicals and plastic resins.
Author:Margaret Volkova
Tags:PP, PE, petrochemistry, Nova Chemicals, Canada.
Category:General News
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