NOVA Chemicals Corporation　　　　　　歴史

NOVA Chemicals Corporation, headquartered in Calgary, Alberta, Canada is a focused commodity chemical company, producing styrenics and olefins/polyolefins at 18 locations in the United States, Canada, France, the Netherlands and the United Kingdom.

As of January 2000, we are the:
　largest producer of styrene and polystyrene in North America
　2nd largest producer of styrenic polymers in Europe
　5th largest producer of ethylene in North America
　5th largest producer of polyethylene in North America

We operate two businesses - olefins/polyolefins and styrenic polymers. From plants in Canada, the U.S., and Europe, we produce:

　　Olefins/polyolefins

ethylene
polyethylene
chemical and energy co-products, including all the olefin and aromatic petrochemical building blocks

　Styrene and styrenic polymers

specialty polystyrene including DYLARK^® engineering resins
expandable polystyrene (EPS)
solid polystyrene

NOVA Chemicals selected as partner for proposed world-scale ethylene/polyethylene complex in Mexico

NOVA Chemicals announces intent to form European Styrenics Joint Venture with BP

ＢＰ、ＮＯＶＡとの提携でＬＬＤＰＥ生産性アップ

BP and NOVA Chemicals sign binding agreements for European Styrenics JV:NOVA Innovene

NOVA Chemicals announces agreement with Taiwan's Loyal to manufacture ARCEL(R) resin in Shanghai

NOVA Chemicals restructuring to create separate STYRENIX unit and cut costs

US styrenics sector in need of further consolidation

NOVA Chemicals announces start-up of ARCEL(R) resin manufacturing facility to support growing Asian markets

NOVA Innovene announces intention to close its Polystyrene site in Carrington, UK

Nova still weighing options for Styrenix unit: spokeswoman

NOVA Chemicals、北米のSM、PS事業をINEOSとのJVに移管

INEOS NOVA joint venture approved by Federal Trade Commission

INEOS NOVA joint venture will acquire rights to Sterling styrene production

Nova to shut Sterling's 1.7B lbs/yr SM unit at Texas City, TX

INEOS NOVA announces Montréal polystyrene production to shut down

Nova Chemicals envisions big expansion of Alberta petrochemical industry

NOVA Chemicals and Williams announce letter of intent for project to extract ethane from Alberta oil sands

Ineos Nova to shut US polystyrene facility at Belpre, Ohio

NOVA Chemicals announces plans for Ontario polyethylene asset modernization and expansion

歴史

* Includes production of select Performance Products.
⁽¹⁾ Excludes Dow portion of ethylene capacity
⁽²⁾ This represents the equity position in the Lyondell Chemical Company, Channelview, Texas facility and does
   not include a short-term tolling arrangement for an additional 400 million pounds.

October 20, 2003

NOVA Chemicals shuts down high-cost polyethylene capacity
　　　http://www.nova.ca/08_news/a_line_1003.html

NOVA Chemicals Corporation today announced the shutdown of a 275 million pound linear low-density polyethylene line at its St. Clair River Site, in Corunna, Ontario. This shutdown will occur during the second quarter of 2004.

October 21, 2004 NOVA Chemicals

NOVA Chemicals selected as partner for proposed world-scale ethylene/polyethylene complex in Mexico
http://www.novachem.com/08_news/phoenix_1004.html

NOVA Chemicals Corporation today confirmed it has been selected by Pemex Petroquimica (Pemex) as a partner in a feasibility study for a potential world-scale ethylene and polyethylene complex in Mexico.

This confirmation follows today’s announcement by Pemex, which has named NOVA Chemicals and two Mexican companies - Grupo Idesa and Indelpro - as its strategic joint-venture partners in the proposed ethylene-based petrochemicals and plastics complex known as Project Phoenix. The partners have committed to a feasibility study that aims to confirm the project will deliver a globally competitive ethylene cracker and key derivatives, initially including two world-class polyethylene plants.

November 16, 2004 NOVA Chemicals

NOVA Chemicals announces intent to form European Styrenics Joint Venture with BP
http://www.novachem.com/08_news/bpjv_1104.html

NOVA Chemicals Corporation today announced it has reached an agreement in principle to merge its European styrenic polymers business into a new 50:50 Joint Venture with BP plc (BP). The planned Joint Venture is expected to be a leading manufacturer and marketer of styrenic polymers in Europe and will be headquartered in Fribourg, Switzerland.

September 6, 2005 NOVA Chemicals

NOVA Chemicals announces agreement to manufacture ARCEL(R) resin in Asia to meet demand growth
http://www.novachem.com/appl/prelease/news.cfm?ID=301

NOVA Chemicals Corporation today announced that it has entered into a long-term agreement with Loyal Chemical Industrial Corporation to manufacture ARCEL(R) moldable foam resin near Shanghai, China. This agreement is a component of NOVA Chemicals´ plan to expand manufacturing capacity for ARCEL, a one-of-a-kind expandable inter-polymer, to 100 million pounds (45 kilotonnes) annually by the end of 2006.

Construction of the ARCEL resin manufacturing facility is underway and production is expected to commence in early 2006.

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ARCEL(R) 　　　　　　http://www.novachem.com/ARCEL/index.cfm

ARCEL is a high-performance, moldable foam resin consisting of 70% polystyrene (PS) and 30% polyethylene (PE). ARCEL provides the best of both polymers with its exceptional toughness, flexibility and durability in a lightweight foam.
The strength and flexibility of ARCEL creates a resilient resin able to be molded into numerous complex and intricate forms. Its lightweight construction is resistant to puncture, flaking, tearing and breaking. In addition, packaging molded with ARCEL provides superb cushioning and easy handling, while its lightweight properties help lower freight and other packaging costs.

NOVA Chemicals June 26, 2006

NOVA Chemicals restructuring to create separate STYRENIX unit and cut costs

NOVA Chemicals Corporation today announced it plans to restructure in order to better align resources and reduce costs. NOVA Chemicals' styrene monomer and solid polystyrene assets in North America and the company's interest in the European 50:50 Joint Venture with INEOS will operate as a separate unit that will be known as STYRENIX.

Companywide costs will be reduced by a total of at least U.S. $65 million per year, which represents an additional $50 million in annual cost savings beyond the previously announced savings of $15 million per year from the Chesapeake, Virginia, site closure. In total, approximately 375 positions will be eliminated.

"By removing a minimum of $65 million per year of current costs, we believe STYRENIX will be able to run as the lowest-cost operator of its type in the industry," said Jeffrey M. Lipton, President and CEO of NOVA Chemicals. "By taking these actions, not only will STYRENIX be more competitive, but the core of our company will also reduce costs and be able to focus on our advantaged ethylene and polyethylene position, as well as expandable polystyrene and related Performance Products."

NOVA Chemicals’ Earnings Release for the second quarter, to be issued July 20, 2006, will reflect the new structure.

NOVA Chemicals produces plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals works with a commitment to Responsible CareR to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.

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Platts 2006/7/20

US styrenics sector in need of further consolidation: Lipton

Nova Chemical CEO Jeff Lipton said in a Thursday conference call he feels it is necessary for the US styrenics industry to keep shutting down facilities, consider consolidation and start moving on to stop bleeding profits in the weak sector.


His statements come on the heels of Nova's company restructure, which placed the recently reopened Bayport plant in the non-core Styrenix division.
The said division lost $45 million in the quarter ending June 30. Lipton said Styrenix will not be considered part of the core business "no matter what happens in the short-term."

On June 26, Nova reported that it was separating its North American styrenics businesses and its interest in the European 50:50 joint venture with Ineos into Styrenix.

Nova said it will keep its ethylene, polyethylene and expandable polystyrene businesses. Nova will separate its businesses into three separate units, according to a company spokesman -- ethylene and polyethylene, EPS and performance products, and Styrenix.

　　　Performance Products:

ARCEL(R) - high-performance, moldable foam resin
DYLARK(R) - automotive engineering resins
DYLARK(R) FG - high-heat styrenic copolymer
SURPASS(R) - performance film, rotational molding & thin-wall injection molding resins
ZYLAR(R) EX - low-temperature, clear acrylic copolymer

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http://www.theglobeandmail.com/servlet/story/RTGAM.20060720.wnova0720/BNStory/Business/home

Nova Chemicals sees strong future (2006/7/20)

Nova Chemicals Corp. is predicting continued strong markets for its key plastics after reporting second-quarter net income of $108-million (U.S.), up from a year-ago loss of $5-million.

The chemical producer, headquartered in Pittsburgh but with extensive operations in Canada and its shares inter-listed on the Toronto Stock Exchange, said Thursday its April-June revenue was up 22 per cent to $1.62-billion from $1.33-billion.

The latest quarter's net earnings ? substantially boosted by reduced Alberta and federal tax rates ? were worth $1.30 per share, up from a year-ago loss of 29 cents per share, and represented a return on equity of 31.8 per cent.

Nova stock was up four per cent near midday, gaining $1.39 (Canadian) to $34.78 on the Toronto Stock Exchange.

"Global growth keeps on looking stronger and Mid-eastern capacity expansion looks more and more uncertain," president and CEO Jeff Lipton said during a conference call with analysts.

"It's hard to see anything but global recession stopping what should be not a mere peak but a long plateau of very strong conditions for our industry."

In the meantime, Nova has "taken aggressive action to change our company from a pure commodity one to one focused on advantaged olefins and polyolefins and unique performance products," Mr. Lipton said.

During the quarter, Nova rearranged itself into three business units, and its olefins/polyolefins and expandable polystyrene/styrenic divisions generated net income of $147-million or $1.77 per share.

But the Styrenix business, being separated from the rest of the company with hopes it can be sold or spun off, lost $45-million or 54 cents per share on revenue of $510-million.

Styrenix - producing thermoplastics used in an array of processes including compounding, extrusion and injection moulding - includes a styrene facility in Sarnia and solid polystyrene production in Montreal, as well as four U.S. plants and a half-interest in a European joint venture.

Nova, which originated half a century ago in the old Alberta Gas Trunk Line Co. and became an independent company in 1998, is closing its Chesapeake, Va., polystyrene plant with the loss of 125 jobs and a saving of $15 million a year.

A wider restructuring will save an additional $50 million, involving 250 other jobs cuts "including a significant number of very senior positions," Lipton told analysts.

Of the $65-million in total savings, $45 million will be at Styrenix.

"We believe we have a controllable plan in place to stop the new Styrenix from bleeding dollars in no longer than 1½ years," Mr. Lipton added.

"The new Styrenix will soon be able to stand on its own, and will be a very clean and attractive set of assets for the industry to think about consolidating," he said.

"Our goal is to have an ultimate solution to this business unit sooner rather than later."

Nova's Canadian operations include the world's largest ethylene and polyethylene complex in Joffre, near Red Deer, Alta., as well as four plants in the Sarnia, Ont., area and the Montreal polyethylene facility.

The company also has seven plants in the United States and two in Chile, but Lipton stressed the "Alberta advantage" of low-cost natural gas - currently worth 20 cents per pound of plastic- and predicted strong markets for Joffre's polyethylene amid low inventories.

Additionally, the April 1 reduction in the Alberta corporate tax rate and promised future federal tax cuts added $60 million to second-quarter net earnings by reducing deferred tax liabilities.

"We see the short-term fundamentals for the olefins and polyolefins as very positive, with very low inventories and very strong demand," Mr. Lipton said.

"For Nova, the Alberta advantage is giving us excellent margins at today's polyethylene price levels, and any movement up will be icing on our cake."

　

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January 19, 2006

NOVA Chemicals announces closure of Chesapeake, Virginia, site

NOVA Chemicals Corporation (NYSE, TSX: NCX) today announced it plans to close its Chesapeake, Virginia, site in 2006. The plant has solid polystyrene production capacity of 300 million pounds (136 kilotonnes) per year and compounding capability of 170 million pounds (77 kilotonnes) per year.

"We continue to drive cost improvements in our Styrenics business as aggressively as possible. We were able to take this step because upgrades to the Performance Products operations at our Belpre, Ohio, site freed up capacity at other locations,"said Chris Pappas, President of NOVA Chemicals' Styrenics business."We remain firmly committed to ZYLAR^® and our other compounded products and plan to identify production alternatives in 2006. We will also work to make this transition seamless for our customers and as successful as possible for our affected employees."

July 18, 2006 NOVA

NOVA Chemicals announces start-up of ARCEL(R) resin manufacturing facility to support growing Asian markets

NOVA Chemicals Corporation today announced the successful start-up of an ARCEL(R) moldable foam resin manufacturing facility in Ningbo, China, near Shanghai. The new facility, Ningbo Chang-Qiao Engineering Plastics Co., Ltd., ensures local sourcing of ARCEL in Asia and is operated under a long-term manufacturing agreement with Loyal Chemical Industrial Corporation, the largest expandable polystyrene producer in the world.

ARCEL is a high-performance, moldable foam resin consisting of 70% polystyrene (PS) and 30% polyethylene (PE). ARCEL provides the best of both polymers with its exceptional toughness, flexibility and durability in a lightweight foam.

Loyal Chemical Industrial Corporation was founded in 1976 and specializes in a full range of EPS products, using the brand name King Pearl. Within 14 years of entering the Chinese market, Loyal Chemical has become the largest EPS manufacturer in the world, with an annual capacity of more than 1.9 billion pounds (880 kilotonnes). The company’s newest, preeminent plant in Tianjin began operation in June 2006 with a capacity of 180 kilotonnes. Loyal Chemical (www.loyalgroup.com) is a reliable and respected private organization in Taiwan and China.

July 25, 2006 Nova Chemicals 　　　　　　　　　　　米国

NOVA Chemicals announces reduction of solid polystyrene capacity and fixed costs in Europe

NOVA Chemicals Corporation today announced continued progress toward a target of $60 million per year in joint venture synergies by the end of 2007, with the announced closure of NOVA Innovene's Carrington, UK, solid polystyrene facility. NOVA Chemicals will receive 50 percent of the benefit of total joint venture synergies.

The Carrington facility closure, announced today in a news release issued by NOVA Innovene, will remove approximately six percent of European solid polystyrene capacity and reduce NOVA Innovene's fixed costs by approximately U.S. $14 million per year. Production at the Carrington solid polystyrene facility, which has rated capacity of 396 million pounds (180 kilotonnes) annually, is scheduled to cease in October 2006.

The plant has a capacity of 180,000 tonnes and currently employs 82 people.
The Carrington plant, formerly operated by Shell, made both expanded polystyrene and general moulding grades. The EPS plant was shut down by Nova last year after being idle for three years.

NOVA Innovene 　http://www.nova-innovene.com/

Headquartered in Fribourg, Switzerland, NOVA Innovene is a 50:50 joint venture between NOVA Chemicals and INEOS, who acquired BP's Innovene in December 2005. With a turnover of Euro 1 billion per annum, NOVA Innovene is a European leader in styrenic polymers, supplying customers in a wide range of market segments. NOVA Innovene employees develop, manufacture and market commodity and performance styrenic polymers that are essential to everyday life.

July 25 th 2006　NOVA Innovene

NOVA Innovene announces intention to close its Polystyrene site in Carrington, UK

Fribourg, Switzerland, NOVA Innovene announced today its intention to close its Carrington, UK, site in October 2006. The plant has solid polystyrene production capacity of 180 kilotonnes per year and currently employs 82 people.
“We have significant overcapacity in our PS business” said Martin Pugh, Managing Director of NOVA Innovene. “This, combined with significant feedstock volatility, has depressed margins, making our PS business unprofitable. In making this change, we intend to address our overcapacity and improve our cost structure, a key objective for NOVA Innovene.”

2006/9/8 Platts

Nova still weighing options for Styrenix unit: spokeswoman

A Nova Chemicals' spokeswoman said Thursday the company was still studying various options regarding the future of its Styrenix business unit, but did not deny that a sale or joint venture agreement was being considered.

In the news articles, Credit Suisse analyst William Young was cited as saying that Nova likely will receive $500 million for the sale of the Styrenix business. That figure is a fraction of the purported value of the Styrenix asset, market sources said. Young would not comment on any aspect of the story when contacted by Platts on Thursday.

2007/3/23

NOVA Chemicals、北米のSM、PS事業をINEOSとのJVに移管

NOVA ChemicalsとINEOS は22日、NOVAの北米のＳＭ、ＰＳ事業を両社の欧州の50/50ＪＶのNOVA Innovene に移管することで合意したと発表した。今後手続きを経て、第３四半期に拡大JVが発足する。

移管するのはNOVAの子会社STYRENIXで、テキサスとカナダのオンタリオにあるSM事業、米国とカナダのPS事業のほか、PS系のポリマー、NAS（R)（Styrene Methylmethacrylate copolymer)、ZYLAR（R)（NASの 耐衝撃性改質グレード）、DYLARK（R)（ スチレン-無水マレイン酸共重合体）を含む。

NOVAのCEOは「米国のスチレン業界は設備を廃棄し、統合を検討し、赤字垂れ流しを止めるために動き出す必要がある」と述べており、2006年1月にはバージニア州のチェサピーク工場を閉鎖すると発表し、6月にStyrenix事業部を別会社にすると発表した。

NOVAは事業を「エチレン & ＰＥ」、「発泡PS & 機能製品」、及び「Styrenix」の３つに区分しているが、Styrenixはコア事業ではなく、将来、売却するか、スピンオフすると見られていた。
　　2006/7/27　「欧米でもＰＳ事業は苦境」　

今回の移管により新しいNOVA Innovene の北米、欧州、全世界でのシェアは以下の通りとなる。

INEOSは欧州のSM事業を、NOVAは北米の発泡PS事業を、JVには出さず自社で運営する。

NOVA Innoveneは2005年にNOVAが欧州のPS事業を出してBPとの50/50JVとして設立した。その後、BPが分離したInnoveneをIneosが買収した。

March 22, 2007 Nova Chemicals

NOVA Chemicals announces plan to expand joint venture with INEOS to North America

NOVA Chemicals Corporation today announced it has signed a letter of intent with INEOS to expand the two companies' existing European joint venture to include North American assets. Under the terms of the proposed agreement, the newly expanded 50:50 joint venture will include NOVA Chemicals' STYRENIX unit and other styrenic polymer assets. The STYRENIX unit includes NOVA Chemicals' North American styrene and solid polystyrene assets, as well as the company's interest in the existing European joint venture with INEOS, called NOVA Innovene. INEOS will contribute its North American styrene and polystyrene assets, as well as its interest in the existing NOVA Innovene European joint venture.

The expanded joint venture will also include solid polystyrene-based NAS^®, ZYLAR^® and DYLARK^® polymers from NOVA Chemicals and the AVANTRA^® specialty products of INEOS.

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March　22 2007　INEOS

INEOS announces expansion of styrenics joint venture with NOVA Chemicals

INEOS announced today that it has signed a letter of intent with NOVA Chemicals Corporation to expand on the parties' existing styrenics European joint venture so as to include North American assets of both companies. Under the terms of the proposed agreement, INEOS will contribute its North American styrene and polystyrene assets and NOVA Chemicals will contribute its STYRENIX unit and other styrenics polymer assets to a 50:50 joint venture arrangement. The STYRENIX unit includes NOVA Chemicals North American styrene and solid polystyrene assets.

INEOS will retain full ownership of its styrene business in Europe with a styrene manufacturing plant in Marl, Germany.

2007/4/13 Canadian Press

Nova Chemicals envisions big expansion of Alberta petrochemical industry

Nova Chemicals said Thursday it plans to build a world-class polyethylene plant in Alberta by the end of the decade, pending approval of an associated ethane extraction plant.

The petrochemical facility would produce up to 800 million pounds of polyethylene a year, using feedstock from gas processor Aux Sable Canada Ltd.'s planned ethane plant in Fort Saskatchewan. "If we're going to make full use of it, we're going to have to build a polyethylene plant here," CEO Jeff Lipton said at Nova's annual meeting in Calgary. Lipton would not speculate on costs.

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March 21, 2007 NOVA Chemicals

NOVA Chemicals and Aux Sable reach agreement on Alberta ethane extraction plant

NOVA Chemicals Corporation (“NOVA Chemicals”) today announced that the company has signed a letter of intent with Aux Sable Canada Ltd. (“ASC”) to develop an ethane extraction plant in Fort Saskatchewan, Alberta that would process natural gas from the Alliance Pipeline. ASC and NOVA Chemicals will work together to develop the project, which will be owned and operated by ASC and is expected to begin operating in mid-2010.
The extraction plant will have the capacity to process as much as 1.2 billion cubic feet of natural gas per day and will produce approximately 40,000 barrels per day of ethane. The extraction plant will be located on land owned by ASC in Fort Saskatchewan, adjacent to the site of ASC’s Heartland Offgas Plant. Ethane will be delivered via pipeline to NOVA Chemicals’ Joffre, Alberta, petrochemical complex for use as a feedstock in the production of ethylene.

ASC and its U.S. affiliate, Aux Sable Liquid Products L.P. (“Aux Sable”), are owned by Enbridge Inc. (ENB), Fort Chicago Energy Partners L.P. (FCE-UN) and Williams (WMB). Aux Sable intends to leverage its position as a significant player in the natural gas processing and natural gas liquids businesses through fee-based infrastructure investments. ASC is headquartered in Calgary, Alberta.

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Aux Sable Liquid Products 　　　http://www.auxsable.com/

Aux Sable Liquid Products is a US$400 million (C$550 million), world-scale natural gas liquids (NGL) extraction and fractionation facility constructed to initially process up to 2.1 billion cubic feet of natural gas per day. It is designed to initially recover 70,000 barrels per day of NGL (ethane, propane, normal butane, iso-butane and natural gasoline).

Aux Sable is the largest facility of its kind in the U.S. It has become a significant propane supplier for the Midwest, particularly for the state of Illinois. The facilities are connected with existing product pipelines that also make NGL available elsewhere in the United States and Canada.

July 23, 2007 Nova

NOVA Chemicals and Williams announce letter of intent for project to extract ethane from Alberta oil sands

NOVA Chemicals Corporation today announced it has reached an agreement with Williams to evaluate processing current and future off-gas streams from the Alberta oil sands to extract ethane. This feedstock would be delivered to NOVA Chemicals' Joffre, Alberta, manufacturing facility, utilizing the existing Joffre Feedstock Pipeline.

September 10, 2007

INEOS NOVA joint venture approved by Federal Trade Commission

NOVA Chemicals Corporation today announced that the U.S. Federal Trade Commission has approved the previously announced INEOS NOVA joint venture. The joint venture is expected to commence operations on October 1, 2007.

　　INEOS NOVA Joint Venture http://www.novachem.com/investorcenter/docs/INEOS_NCX_ConfCall_09_19_07.pdf

September 18, 2007

INEOS NOVA joint venture will acquire rights to Sterling styrene production

NOVA Chemicals Corporation today announced that it has secured exclusive rights to the styrene production from Sterling Chemicals Inc.'s Texas City, Texas, manufacturing facility on behalf of its pending joint venture with INEOS. The INEOS NOVA joint venture has received U.S. regulatory approval and will be assigned the rights when the joint venture is operational, which is expected to be October 1, 2007. The $60 million cost of the transaction will be fully funded by the INEOS NOVA joint venture from cash on hand.

Sterling's Texas City facility has 1.7 billion pounds of annual styrene production capacity, which represents approximately 11% of North American capacity and 3% of global capacity.

SEPTEMBER 18, 2007

STERLING CHEMICALS ANNOUNCES LONG-TERM STYRENE SUPPLY AGREEMENT

Under these agreements, Nova will have the exclusive right to the entire production capacity of Sterling’s Texas City, Texas styrene plant, the amount of any styrene supplied being at Nova’s option based on a full-cost formula, and will purchase Sterling’s styrene monomer rail car fleet. In exchange, Nova has agreed to pay Sterling $60 million within ten business days after the agreements become effective. Alternatively, if the FTC does not approve the supply agreement, Nova will be required to pay Sterling a break-up fee of $6 million.
Sterling Chemicals, Inc. is a leading North American producer of selected petrochemicals used to manufacture a wide array of consumer goods and industrial products throughout the world. Its primary products are
　acetic acid 　Percent of Total North American Capacity 17% North American Market Position by Capacity 3
　styrene 　　Percent of Total North American Capacity 11%　North American Market Position by Capacity 4
　and plasticizers.Percent of Total North American Capacity 9%　North American Market Position By Capacity 3

Platts 2007/9/17

Nova to shut Sterling's 1.7B lbs/yr SM unit at Texas City, TX

Following its announcement to acquire Sterling's 1.7 billion lbs/year styrene monomer asset at Texas City, Texas, Nova Chemicals President and Chief Executive Officer Jeff Lipton said Wednesday that it intended to close the facility and shift production to more efficient sites.

After the shutdown of Sterling, operational rates will be much stronger -- an estimated 91%, up 3% from previous levels, he explained. In addition,

October 10, 2007 Nova Chemicals

INEOS NOVA announces Montréal polystyrene production to shut down

INEOS NOVA announced today that it plans to shut down its Montréal, PQ polystyrene production by the end of 2007. The site has annual production capacity of 120 million pounds (55 kilotons) of polystyrene.

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Platts 2007/10/10

Market eyes more PS closures after Ineos Nova's Montreal decision

During an analyst call September 19, Nova President and CEO Jeff Lipton said, "We expect the (Ineos Nova) JV to take out another 300 to 400 million pounds of solid polystyrene capacity and to have a significant impact on that part of the business, and, as you know, we are not alone. We think the Dow-Chevron Phillips JV, which the FTC has now stated they have no objection to, will follow our start-up quickly. While the partners have not made any specific statements about their plans, we expect to see more consolidation as part of their cost reduction efforts."

One producer Wednesday added, "The market is just consolidating in light of shrinking demand for PS and poor profitability...This will help them streamline. Will be interesting to see what Dow/Chevron will do."

Platts 2007/11/29

Ineos Nova to shut US polystyrene facility at Belpre, Ohio

UK-Canada styrenics joint venture Ineos Nova plans to permanently shut down its US polystyrene facility at Belpre, Ohio, by January 31, 2008, the company announced Thursday.

The site has production capacity of 220 million lbs/year (100,320 mt/year) of crystal polystyrene.

January 9, 2008 NOVA Chemicals

NOVA Chemicals announces plans for Ontario polyethylene asset modernization and expansion

NOVA Chemicals Corporation today announced plans for a series of polyethylene plant modernization and expansion projects in the Sarnia, Ontario, region. The projects will add a total of up to 250 million pounds per year of new polyethylene capacity in stages over the next two years.

"These projects should have about a two year pay-back and will generate meaningful earnings growth for our shareholders in every part of the industry business cycle," said Jeffrey M. Lipton, Chief Executive Officer. "The upgrades include technology that will enable us to produce higher value products that our customers are hungry for."

The projects include:
・Upgrading products, improving reliability and expanding the low density polyethylene unit at Mooretown, Ontario
・Optimizing the high density polyethylene unit at Mooretown to increase throughput rates and improve product quality
・Debottlenecking high density polyethylene and linear low density polyethylene production at the St. Clair River site at Corunna, Ontario

The projects are now feasible because the Corunna flexi-cracker modernization completed in 2007 has successfully delivered: greater ethylene capacity, increased energy efficiency, improved plant reliability and global cost competitiveness. The total cost of the projects will be approximately $80 million, which will not result in a material change in the company’s overall capital program. The projects will require appropriate Board of Directors approvals as they proceed.