Cases & Deals

Total, NOVA, Borealis form venture for U.S. Gulf Coast projects

Clients Total S.A.

Jones Day advised Total Petrochemicals & Refining USA, and affiliates of Austria’s Borealis AG and Canada’s NOVA Chemicals (both affiliates of the UAE’s Mubadala Investment Company) in the formation of a joint venture to build a $1.7 billion, 1 million ton per year ethane cracker in Port Arthur, Texas, acquisition of Total’s existing 400,000 ton per year two-line polyethylene plant in Bayport, Texas, and building of a new 625,000 ton per year Borstar PE plant at the Bayport site. The arrangements include the formation of Bayport Polymers, LLC, term loan facility, and the corporate, commercial, operational, regulatory, real estate, and IP related agreements necessary to form, own, develop, finance, and operate the joint venture and its existing and planned facilities and businesses.