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Three companies to form petrochemical joint ventures in North America Recently, three companies of France's Total, Austria's Borealis and Canada's NOVA Chemicals announced that after regulatory approvals, the petrochemical joint venture formed by the three companies will land on the US Gulf Coast
.
The joint venture, called Bayport Polymers, is 50 percent owned by Total and the other 50 percent is held
by Novealis Holdings, a joint venture between Borealis and NovaChemie 。 Total's 400,000-tonne-per-year polyethylene plant in Bayport, Texas, USA, and a new 625,000-tonne-per-year polyethylene plant pending approval, as well as a 1 million tonne-per-year steam cracker under construction at Port Arthur, Texas
, will be incorporated into Bayport Polymers.
Diane Chamberlain, the new chairman of Bayport Polymers, said: "The new company will become a major player in the U.
S.
polyethylene market, where we will fully benefit from low-cost raw materials in the U.
S.
and provide the market with high-quality products to meet the growing global demand for
plastics.
”
