Nova completes acquisition Williams’ Geismar olefins stake

Nova completes acquisition of Williams’ Geismar olefins stake

11:41 AM, 13th July 2017
Nova completes acquisition of Williams’ Geismar olefins stake
This acquisition marks Nova Chemicals entry in the US Gulf Coast.

CALGARY, CANADA: Nova Chemicals Corporation (Nova Chemicals) said that it has completed the previously announced acquisition of Williams Partners LP’s (Williams) 88.46 percent ownership interest in the Geismar, Louisiana olefins plant.

As part of the deal, Nova Chemicals now owns approximately 525 acres of undeveloped land adjacent to the plant and Williams’ interest in the Ethylene Trading Hub in Mt Belvieu, Texas.

The plant produces approximately 1.95 billion pounds of ethylene annually and is located in the US Gulf Coast region, the largest refining and petrochemical production hub in North America. With riverfront access, the adjacent land represents a significant opportunity for future growth.

“This is a game-changer for our company, as it marks our entry into the US Gulf Coast, which allows us to better serve our customers in the Americas. We are particularly pleased to welcome our talented new employees to Nova Chemicals and look forward to meeting and working alongside our new customers, suppliers and the communities in Louisiana and Texas,” said Todd Karran, president and CEO, Nova Chemicals.

HSBC Securities (USA) Inc acted as exclusive financial advisor to Nova Chemicals on the acquisition transaction. Orrick, Herrington & Sutcliffe LLP and Liskow & Lewis acted as legal counsel. Barclays and HSBC Securities (USA) Inc acted as lead arrangers on the permanent financing of the acquisition.

© Worldofchemicals News 



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Sadara starts up propylene glycol plant in Saudi Arabia

JUBAIL, SAUDI ARABIA: Sadara Chemical Company (Sadara) said that it has successfully started up its propylene glycol (PG) plant. Sadara CEO Ziad Al-L ...

Read more
Total, Qatar form JV to develop Al Shaheen oil field

PARIS, FRANCE: Total SA and Qatar Petroleum (QP) has officially launched their new joint venture to develop the giant Al Shaheen offshore oil field fo ...

Read more
Linde bags major contract for NKNK’s olefin plant in Russia

MUNICH, GERMANY: The Linde Group has been awarded a major contract by PJSC Nizhnekamskneftekhim (NKNK) to supply an olefin plant in the city of Nizhne ...

Read more
Perstorp acquires Polialcoli; strengthens position in polyol market

PERSTORP, SWEDEN: Perstorp announced an agreement for the acquisition of Polialcoli Srl from Polioli SpA. The agreement includes the neopentyl glycol ...

Read more
Pro Tech International to establish subsidiary in India

BANGALORE, INDIA: New Orleans, US-based Pro Tech International, a leading speciality sugar and water treatment chemicals manufacturer, is expanding it ...

Read more
CB&I bags material supply contract in Indonesia

THE WOODLANDS, US: Chicago Bridge & Iron Company (CBI) has been awarded a contract by PT Chandra Asri Petrochemical Tbk (CAP), to supply ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X