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Total to launch Gulf Coast petrochemicals joint venture

Feb. 20, 2018 3:44 PM ETTotalEnergies SE (TTE) StockTTE, BASFYBy: Carl Surran, SA News Editor1 Comment
  • 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.

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