Joint venture to invest $1.7B on new Gulf Coast petrochemical plant

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Paris-based Total SA (NYSE: TOT) has made a preliminary agreement to create a joint venture with Calgary-based Nova Chemicals Corp. and Vienna-based Borealis AG to invest $1.7 billion near Houston. The joint venture will build a 1 million ton-per-year ethane steam cracker in Port Arthur, Texas, next to Total’s existing refinery, according to a Total press release. Assuming the regulatory process goes smoothly, the companies are set to establish the joint venture — of which Total will own 50 percent…


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