US Sterling, NOVA sign $60m styrene supply deal

18 September 2007 23:41  [Source: ICIS news]

HOUSTON (ICIS news)--US petrochemical producer Sterling Chemicals has entered into a $60m (€43m) styrene supply agreement with NOVA Chemicals, Sterling said on Tuesday.

Under the agreement, NOVA will have the exclusive right to the entire production capacity of Sterling's Texas styrene plant in Texas City, Sterling said. In addition, NOVA will buy Sterling's styrene monomer railcar fleet.

If approved by the US Federal Trade Commission (FTC), the agreement will last until 31 December 2017, Sterling said.

NOVA will pay Sterling a $6m break-up fee if the FTC does not approve the agreement, Sterling said.

($1.00 = €0.72)

By: Al Greenwood
+1 713 525 2645

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly