Enterprise Acquires Ethylene Storage Business From NOVA Chemicals
Enterprise Products Partners L.P. (NYSE: EPD) and NOVA Chemicals Corporation (NOVA Chemicals) today announced that a subsidiary of Enterprise has acquired a wholly owned subsidiary of NOVA Chemicals, which operates an ethylene storage business and trading hub in Mont Belvieu, Texas.
- Enterprise Products Partners L.P. (NYSE: EPD) and NOVA Chemicals Corporation (NOVA Chemicals) today announced that a subsidiary of Enterprise has acquired a wholly owned subsidiary of NOVA Chemicals, which operates an ethylene storage business and trading hub in Mont Belvieu, Texas.
- NOVA Chemicals, one of the largest merchant ethylene producers and marketers on the U.S. Gulf Coast, will be a long-term storage customer in the Enterprise system.
- This transaction provides the best long-term solution for the Mont Belvieu ethylene storage business and trading hub, allowing NOVA to focus on our core business of ethylene and polyethylene production, including the safe and successful completion of our world-class Advanced SCLAIRTECH technology facility in Ontario that will deliver recycle ready resins for sustainable packaging solutions, stated John Thayer, senior vice president sales and marketing for NOVA Chemicals.
- NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life healthier, easier and safer.