- Williams Partners (NYSE:WPZ) says it has completed the sale of Williams Olefins, which owns a ~88.4% interest in the Geismar, La., olefins plant and associated complex, to Nova Chemicals for $2.1B.
- Also, WPZ says its subsidiaries have entered into long-term supply and transportation agreements with Nova to provide ethane feedstock from Mont Belvieu fractionation and storage sites to the Geismar plant via its 270-mile Bayou ethane pipeline.
- WPZ plans to use the proceeds from the sale to pay off its $850M term loan and to help fund capex to maintain its growth portfolio.