Novealis Holdings LLC

Borealis has completed the acquisition of NOVA Chemicals' 50% ownership interest in Novealis Holdings LLC, which holds a 50/50 joint venture with Total in Bayport Polymers (Baystar) in Houston, Texas.

Borealis completed the acquisition of NOVA Chemicals' 50% ownership interest in Novealis Holdings LLC, giving Borealis full ownership of the joint venture. Novealis holds a 50% stake in Bayport Polymers (Baystar) in Houston, Texas.

Borealis AG and NOVA Chemicals Corporation announced an agreement for Borealis to buy NOVA Chemicals' 50% ownership interest in Novealis Holdings LLC. Novealis is a joint venture that holds a 50/50 stake in Bayport Polymers LLC (Baystar) in Houston, Texas. The transaction is expected to close in the first half of 2020.

Baystar Polymers held a groundbreaking ceremony for a new 625,000 metric ton-per-year Borstar polyethylene unit at its Pasadena, Texas site. The unit is expected to start up in 2021 and will use Borstar technology for the first time in North America.

McDermott International received full notice to proceed from Entergy Texas for the Montgomery County Power Station, a 993-MW combined-cycle natural gas plant in Willis, Texas. The contract, originally awarded in Q1 2017, is valued between $500 million and $750 million.

Total made a final investment decision to expand its Texas Bayport Polymers joint venture, doubling polyethylene production capacity to around 1.1 million tonnes per year. The new unit will have a capacity of 625,000 tonnes per year, with production expected to start in 2021.