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Name | Symbol | Market | Type |
---|---|---|---|
Omv Ag Bearer (PK) | USOTC:OMVKY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 2.72% | 12.09 | 11.75 | 12.09 | 12.09 | 11.915 | 11.915 | 560 | 21:00:55 |
By Sonia Amaral Rohter
Total SA (FP.FR), Borealis AG and NOVA Chemicals Corporation said Monday that their affiliates have signed definitive agreements to form a petrochemical joint venture on the U.S. Gulf Coast.
Total will own 50% of the joint venture, with the other 50% held by Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals.
The joint venture will include an ethane steam cracker--which is under construction in Port Arthur, Texas--an existing polyethylene facility owned by Total in Bayport, Texas and a new polyethylene unit at Total's Bayport site.
"We look forward to working with Borealis and NOVA Chemicals to create world-class facilities and become a major player in the growing U.S. and global market for polyethylene," said Bernard Pinatel, president of refining and chemicals at Total.
NOVA Chemicals, which is headquartered in Canada, is wholly-owned by Mubadala Investment Co. of the Emirate of Abu Dhabi.
Through its holding company, Mubadala owns 64% of Borealis, with OMV AG (OMV.VI) holding the remaining stake.
The financial details of the deal, which is subject to customary closing conditions, weren't disclosed.
Write to Sonia Amaral Rohter at sonia.amaralrohter@dowjones.com
(END) Dow Jones Newswires
February 19, 2018 11:10 ET (16:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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