NOVA Chemicals announced another major investment Monday in the U.S. Gulf Coast. The Calgary-based company is acquiring the 88 % interest of William Partners L.P. in the Geismar, Louisiana olefins plant, about 525 acres of undeveloped land adjacent to the plant, and Williams' interest in the Ethylene Trading Hub in Texas. NOVA will pay $2.1-billion. In late March NOVA Chemicals announced a joint polyethylene venture in Texas with Borealis AG and Total Petrochemicals and Refining. The company says it continues, however, to consider building a new world-scale polyethylene plant at its Corunna site with the board of directors expected to make a decision later this year.
ADVERTISEMENT