Borealis Completes Acquisition of Nova's 50% Ownership Share in Novealis

Borealis AG (U.S. office in Houston, Texas) and Nova Chemicals Corp. (U.S. office in Pittsburgh) have announced that Borealis has complete the acquisition of Nova’s 50% ownership interest in Novealis Holdings LLC.

Formed in 2018, Novealis is the joint venture between affiliates of Borealis and Nova Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A (U.S. office in Houston, Texas) to launch Bayport Polymers LLC (“Baystar”) in Houston.

Said Borealis CEO Alfred Stern, “This acquisition supports our global growth ambitions. Acquiring Nova Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products.”

As reported previously, at the mid-2018 official groundbreaking of the joint venture’s 2-billion lb/yr ethane steam cracker, it was explained that Baystar combines Total’s existing Bayport, Texas, 900-million lb/yr PE facility with the Borealis proprietary multi-modal Borstar technology that produces enhanced L/LDPE, HDPE and MDPE, and Nova’s deep polyethylene customer and technical expertise to deliver a broad range of products to help meet growing demand. More importantly, the project includes a new 1.4-billion lb/yr Borstar PE unit, slated to come on stream next year.