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Petrochemicals

Nova is not for sale, owner says

by Alexander H. Tullo
January 16, 2020 | APPEARED IN VOLUME 98, ISSUE 3

The Abu Dhabi, United Arab Emirates, sovereign wealth fund Mubadala says it is not selling Nova Chemicals. According to published reports, Chevron Phillips Chemical made an offer for the Canadian firm last year, but Mubadala CEO Musabbeh Al Kaabi calls such reports “rumors” in a video interview with Bloomberg. Nova has just completed a transformational capital expansion program, Al Kaabi says, and “we don’t think it is the right time.” Another Mubadala-owned firm, Borealis, is acquiring Nova’s 50% interest in Novealis Holdings, however. Novealis is building an ethylene cracker in Pasadena, Texas, in partnership with Total.

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