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Company News

BRIEF-Total signs JV agreements with Borealis and Nova Chemicals

Feb 19 (Reuters) - Total Sa:

* TOTAL SAYS SIGNED DEFINITIVE AGREEMENTS WITH BOREALIS AND NOVA CHEMICALS TO FORM A JOINT VENTURE IN PETROCHEMICALS ON THE U.S. GULF COAST.

* TOTAL SAYS WILL OWN 50 PERCENT AND NOVEALIS HOLDINGS LLC, A JOINT VENTURE BETWEEN BOREALIS AND NOVA CHEMICALS, WILL OWN THE REMAINING 50 PERCENT.

* THE AGREEMENT INCLUDES A NEW $1.7 BILLION ETHANE STEAM CRACKER THAT IS BEING BUILT ALONGSIDE TOTAL’S PORT ARTHUR REFINERY AND TOTAL/BASF EXISTING STEAM CRACKER.

* THE PROJECT, WHICH IS SCHEDULED TO START UP IN 2020, WILL CREATE AROUND 1,500 JOBS DURING PEAK ENGINEERING AND CONSTRUCTION ACTIVITY Source text for Eikon: Further company coverage: (Reporting by Bate Felix Editing by Gus Trompiz)

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