Novealis Holdings LLC

Total, Borealis and NOVA Chemicals form joint venture in petrochemicals

Total, Borealis and NOVA Chemicals Corporation announced that affiliates of the three companies have signed definitive agreements to form a joint venture in petrochemicals on the U.S. Gulf Coast. The announcement was made Monday, Feb. 19.

The joint venture – in which Total will own 50 percent and Novealis Holdings LLC, a joint venture (JV) between Borealis and NOVA Chemicals, will own the remaining 50 percent – will commence subject to customary closing conditions, including receipt of regulatory approvals, according to a release by the companies.