NOVA Chemicals Selected as Partner for Proposed World-Scale Ethylene/Polyethylene Complex in Mexico
NOVA chemicals Corporation confirmed it has been selected by Pemex Petroquimica (Pemex) as a partner in a feasibility study for a potential world-scale ethylene and polyethylene complex in Mexico. This confirmation follows the announcement by Pemex, which has named NOVA Chemicals and two Mexican companies - Grupo Idesa and Indelpro - as its strategic joint-venture partners in the proposed ethylene-based petrochemicals and plastics complex known as Project Phoenix. The partners have committed to a feasibility study that aims to confirm the project will deliver a globally competitive ethylene cracker and key derivatives, initially including two world-class polyethylene plants.
"We are pleased to be selected by Pemex as a partner for what could be a truly outstanding chemicals and plastics complex," said Jeffrey M. Lipton, President and Chief Executive Officer of NOVA Chemicals. "We believe that this proposed complex has all of the ingredients to be the next logical supply increment for the North and South American ethylene/polyethylene markets. We expect to develop a world-scale facility that is globally cost competitive, will produce a wide range of high quality products and will target start up in 2009 or 2010, depending on market conditions."
Initial assessments by NOVA Chemicals indicate potential for the proposed complex to achieve a competitive position that equals or exceeds that of the company's cost-advantaged Alberta, Canada, facilities. A Mexican complex will benefit from access to advantaged feedstocks, a strong and growing domestic polyethylene market, and broad market access through the North American Free Trade Agreement (NAFTA) and potentially the Mercosur trade agreement. NOVA Chemicals was selected to participate in the joint-venture study because of its proven success in the design, construction and operation of advantaged assets in Canada, its proprietary catalyst and Advanced SCLAIRTECH(TM) polyethylene technology, as well as its marketing expertise.
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