Jones Day is advising Total SA in its formation of a joint venture with chemicals companies Borealis AG and Nova Chemicals Corporation to build a $1.7 billion ethane steam cracker and a new Borstar polyethylene plant.
The joint venture is expected to be formed in late 2017, with ownership held 50% by Total and 50% by Borealis and Nova.
The $1.7 billion new cracker is scheduled to start up in 2020 and will create around 1,500 jobs during peak engineering and construction activity. The engineering, procurement and construction contract (EPC) of the ethane steam cracker has been awarded by Total to CB&I.
The new cracker will be built alongside Total’s Port Arthur refinery and Total/BASF existing steam cracker. By leveraging synergies with its existing world-class integrated platform in Texas, Total optimized capital expenditure and will deliver one of the most competitive cracker projects in the US.
Jones Day is advising Total SA on the deal with a team led by Jeff Schlegel.
Involved fees earner: Jeffrey Schlegel – Jones Day;
Law Firms: Jones Day;