Borealis is to buy Nova Chemicals’ 50 per cent stake in Novealis Holdings, which is a joint venture (JV) formed in 2018 between affiliates of Borealis and Nova Chemicals.
This JV subsequently formed a 50/50 JV with an affiliate of Total to launch Bayport Polymers in Texas, USA. Bayport’s operations include an ethane steam cracker and polyethylene plants.
Nova Chemicals is a sister company of Borealis, but reports last year suggested that its owner, Mubadala Investment of the UAE, was considering options including a sale of Nova. Chevron-Phillips was linked with a potential move to acquire the business.
The companies expect the transaction to close in the first half of 2020.