Canada's NOVA Chemicals Corp. has closed on two transactions announced earlier this year, including it's entry into the Gulf Coast market.
Calgary-based NOVA acquired an indirect 88% ownership interest in Williams Partners LP's olefins plant at Geismar, Louisiana, south of Baton Rouge, which produces nearly two billion pounds of ethylene a year.
As part of the deal (price undisclosed by the seller) NOVA also received 525 acres of undeveloped land adjacent to that plant, which the company describes as riverfront property that will be used in the future.
The company also acquired Williams' interest in the Ethylene Trading Hub in Mont Belvieu, east of Houston.
By Mike Shiloh
Copyright July 11, 2017, Mike Shiloh, Texas Energy Report LLC, www.texasenergyreport.com, All rights are reserved