NOVA Chemicals declares force mejeure on styrene

21-Mar-2002

Pittsburgh, Pa. – NOVA Chemicals today declared force majeure on supply of styrene monomer from the company’s Bayport, Texas, styrene monomer production facility. The plant has experienced operations problems as a result of an unexpected power outage from the energy supplier that occurred on February 27, 2002.

The company stated that the force majeure is in effect until it has completed all necessary remedial work and has resumed production. This outage is expected to result in a loss of approximately three weeks of production, or approximately 100 million pounds. NOVA Chemicals also stated that it is working diligently to rectify the situation. Coupled with current low inventories, this action will force significant reduction in shipments of styrene monomer from the Bayport facility.

“With so little styrene monomer inventory at the producer or converter levels, even minor production upsets will impact NOVA Chemicals' ability, and we think the industry’s ability, to meet customer demand,” said Chris Pappas, President, Styrenics, NOVA Chemicals Corporation.

NOVA Chemicals Corporation is a focused commodity chemical company, producing olefins/polyolefins and styrenics at 18 locations in the United States, Canada, France, the Netherlands and the United Kingdom. NOVA Chemicals Corporation also owns 35 percent of Methanex Corporation, the world’s largest and lowest cost producer of methanol. NOVA Chemicals Corporation shares trade on the Toronto and New York exchanges under the trading symbol NCX. Visit NOVA Chemicals on the Internet at www.novachemicals.com.

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