- Total (TOT -0.3%) says it is forming a joint venture in petrochemicals on the U.S. Gulf Coast with Austria's Borealis AG and Canada's Nova Chemicals, with TOT own 50% of the JV while Nova and Borealis own the remaining half.
- The companies will build a $1.7B ethane steam cracker alongside TOT's refinery in Port Arthur, Tex., and the existing cracker it operates with BASF (OTCQX:BASFY), as well as a new polyethylene unit at TOT's Bayport, Tex., complex and the company's existing polyethylene facility there.
- TOT expects the new project will be operational by 2020 and to create ~1,500 jobs during peak engineering and construction activity.