HOUSTON (ICIS)--Total, Borealis and NOVA Chemicals have received all regulatory approvals and have closed on their joint venture, which plans to build a petrochemical project on the US Gulf Coast, the companies announced on Wednesday.
The joint venture, Bayport Polymers (Bay-Pol), is 50% owned by Total and 50% owned by Novealis Holdings, the latter of which is itself a joint venture between NOVA and Borealis.
Bay-Pol’s assets include the still under-construction 1m tonnes/year ethane cracker in Port Arthur, Texas, and Total’s existing 400,000 tonnes/year high density PE (HDPE) plant in Bayport, Texas.
The companies also listed a 625,000 tonnes/year plant to produce BORSTAR high-density polyethylene (HDPE) with a planned start date of 2021, although they noted it is still subject to further approval.
Bay-Pol’s president will be Diane Chamberlain, the companies said.
The three companies originally agreed to form the joint venture in February.