Nova Chemicals buys Williams Partners' Geismar olefins plant for $2.1 bn

Nova Chemicals Corporation has agreed to acquire Williams Partners’ 88.46 percent stake in the Geismar, Louisiana (USA), olefins plant, approximately 525 acres of undeveloped land adjacent to the plant, and Williams’ interest in the ethylene trading hub in Mt. Belvieu, Texas (USA). As per the agreement, Nova Chemicals will pay $2.1 billion for this deal. Upon closing, Nova Chemicals and Williams will enter into a long-term arrangement for Williams to transport and supply ethane feedstock to support the plant.

The plant produces approximately 1.95 billion pounds of ethylene annually and is located in the US Gulf Coast region, the largest refining