Orrick advised Borealis AG and NOVA Chemicals Corporation in the negotiation of definitive agreements with Total S.A. to form a joint venture in petrochemicals on the U.S. Gulf Coast.
Total S.A., Borealis AG and NOVA Chemicals Corporation have signed definitive agreements to form a joint venture in petrochemicals on the U.S. Gulf Coast. The joint venture – in which Total will own 50% and Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals, will own the remaining 50% – will commence subject to customary closing conditions, including receipt of regulatory approvals.
The joint venture will include: the under-construction 1 Mt/y (2.2 b lb) ethane steam cracker in Port Arthur, Texas; Total’s existing polyethylene 400 kt/y (880 m lb) facility in Bayport, Texas; a new 625 kt/y (1.35 b lb) Borstar ® polyethylene unit at Total’s Bayport, Texas, site, following a decision on the outcome of an acceptable EPC contract.
The new $1.7 billion ethane steam cracker is being built alongside Total’s Port Arthur refinery and Total/BASF existing steam cracker. The project, which is scheduled to start up in 2020, will create around 1,500 jobs during peak engineering and construction activity.
Orrick advised Borealis and NOVA Chemicals with a team including Blake Winburne (Picture), Jonathan Ayre, Joseph Lawlor and Alessandra Grace in the firm’s Houston office, with support from Matthew Archer, Grady Bolding, Brad Breen, Harry Clark, Claudia Frost, Brad Gathright, Greg Hume, Giji John, Antony Kim, Robert Lawrence, Dominic O’Brien, Mitch Pahl, Rohit Sachdev, Darrell Thomas, Adeola Adeyemi, Michael Gu, Shani Harmon, Grace Lentz, Andrea Memovic, Amy Padgett, and Gil Shefer.
Involved fees earner: Blake Winburne – Orrick; Jonathan Ayre – Orrick; Joe Lawlor – Orrick; Alessandra Grace – Orrick; Matthew Archer – Orrick; Rohit Sachdev – Orrick; Michael Gu – Orrick; Grace Lentz – Orrick; Andrea Memovic – Orrick; Amy Padgett – Orrick; Gil Shefer – Orrick; Rohit Sachdev – Orrick; Grady Bolding – Orrick; Bradford Breen – Orrick; Claudia Frost – Orrick; Harry Clark – Orrick; Gregory Hume – Orrick; Bradford Gathright – Orrick; Giji John – Orrick; Dominic O’Brien – Orrick; Adeola Adeyemi – Orrick; Antony Kim – Orrick; Robert Lawrence – Orrick; Shani Harmon – Orrick; Mitchel Pahl – Orrick; Darrell Thomas – Orrick;
Law Firms: Orrick;