December 2, 2008 / 5:27 PM / 10 years ago

UPDATE 1-Nova Chemicals to cut 2009 capex to $100 mln

(In U.S. dollars unless noted)

TORONTO, Dec 2 (Reuters) - Nova Chemicals Corp NCX.TO plans to cut its 2009 capital expenditures to $100 million, for a savings of about $60 million, its president told an industry conference on Tuesday.

The maker of ethylene, polyethylene and styrene also expects to reduce business and corporate costs for a targeted saving of $50 million and it expects to realize additional savings of of $40 million from its Ineos Nova joint venture, Christopher Pappas, its president and chief operating officer said.

A weaker Canadian dollar, which has hovered around the 80 U.S. cent mark in recent weeks, is expected to account for $150 million of total cash improvement, Pappas said. ($1=$1.24 Canadian) (Reporting by Scott Anderson; editing by Rob Wilson)

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