A pair of worldwide vitality firms say they’re contemplating shopping for Nova Chemical compounds, together with its 4 manufacturing websites in St. Clair Township, to be a part of a proposed new joint chemical manufacturing enterprise.
Revealed Feb 03, 2025 • 2 minute learn
Nova Chemical’s Corunna website in St. Clair Township is proven on this file photograph. Photograph by File photograph /The Observer
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A pair of worldwide vitality firms say they’re contemplating shopping for Nova Chemical compounds, together with its 4 manufacturing websites in St. Clair Township, to be a part of a proposed new joint chemical manufacturing enterprise.
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Austrian vitality firm, OMV, and Abu Dhabi Nationwide Oil Firm (Adnoc), a government-owned firm within the United Arab Emirates, mentioned in statements they’re considering the acquisition of Nova Chemical compounds by the potential three way partnership, topic to the settlement of plastics and chemical producer’s present proprietor, Mubadala Investments Co., an Abu Dhabi sovereign fund.
Adnoc and OMV have been in talks for about 18 months to mix UAE-listed Borouge Plc with European chemical substances producer Borealis AG and create a chemical substances and plastics entity Nova Chemical compounds can be rolled into.
A deal to purchase Nova Chemical compounds would doubtless run into the billions of {dollars}. Including the corporate’s crops in Canada and the US, together with one in Louisiana on the Gulf Coast, would give the mixed Borouge-Borealis enterprise a higher North American footprint and entry to plentiful pure fuel.
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Nova Chemical compounds makes primary chemical substances at its Corunna website, together with ethylene for its three polyethylene plastic manufacturing websites in St. Clair Township, together with a brand new plant constructed on Rokeby Line as a part of a $2-billion growth.
“As long as they keep them open, I’m game for it,” St. Clair Township Mayor Jeff Agar mentioned a couple of potential sale.
“This stuff used to happen all the time,” Agar mentioned about petrochemical firms within the space altering palms.
“We support any business that is ultimately going to be viable and committed to the Sarnia-Lambton area, and the workers in this area,” mentioned Matthew Slotwinski, chief govt of the Sarnia-Lambton Financial Partnership.
The county-funded company hasn’t been concerned in any discussions about sale of the corporate, he mentioned.
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Nova Chemical compounds mentioned in an announcement that it’s conscious of media stories and statements a couple of potential change in its possession however “as a matter of policy, we do not speak on behalf of our owners.”
“We are focused on operating our facilities safely and reliably, while delivering an exceptional experience to our customers,” the corporate mentioned.
Nova, which initially grew out of an Alberta pipeline enterprise within the Fifties, expanded into chemical substances within the Seventies and bought amenities within the Sarnia space, together with a former Petrosar plant in Corunna. It additionally acquired the Polysar rubber operation in Sarnia that it later offered.
Within the late Nineteen Nineties, Nova Chemical compounds was spun off when Nova was taken over by TransCanada Pipelines and in 2009 it was bought by an organization owned by the Emirate of Abu Dhabi, United Arab Emirates, which is now a part of Mubadala
Nova Chemical compounds has greater than 1,000 workers within the Sarnia space, in accordance with its web site.
The corporate is “very important” to the township, Agar mentioned. “They’re a great corporate citizen here.”
Together with its Corunna and Rokeby Line websites, Nova Chemical compounds operates close by Moore and St. Clair River plant websites within the township.
With recordsdata from Bloomberg Information
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