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 

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