Nova signs MoU with Statoil ethane supply from Marcellus Shale

Nova signs MoU with Statoil for ethane supply from Marcellus Shale

2:58 PM, 28th July 2011
Nova signs MoU with Statoil for ethane supply from Marcellus Shale

 

CALGARY, CANADA: Nova Chemicals Corporation signed a memorandum of understanding (MoU) with Statoil Marketing and Trading Inc for a long-term supply of ethane from the Marcellus Shale Basin.

 “We are pleased to be working with Statoil for the supply of additional ethane to our Corunna, Ontario cracker. Their supply will help to diversify our supply base for our Corunna cracker revamp project and support our growth plans in the future,” said Randy Woelfel, CEO, Nova Chemicals.

 “Statoil is pleased to have reached a framework agreement with Nova Chemicals for the sale of ethane from Marcellus Shale Basin. Statoil has over the years had other supply agreements with Nova Chemicals and looks forward to furthering this commercial relationship,” said Martin Jones, President, Statoil Marketing and Trading (US) Inc.

In addition to finalizing a definitive purchase and sale agreement with Statoil, and customary reviews and approvals, the arrangement is subject to Nova Chemicals concluding a pipeline transportation agreement to transport ethane from the Marcellus Shale Basin into the Sarnia, Ontario petrochemical market.

© WOC News

 

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