PR Newswire
PARIS, March 27, 2017
PARIS, March 27, 2017 /PRNewswire/ -- Total is entering a partnership with Borealis and Nova to form a joint venture with the aim of building an ethane steam cracker and a new Borstar® polyethylene unit on the US Gulf Coast. Total is expected to hold a 50% interest in the new joint venture.
More precisely, the joint venture will include:
The joint venture is expected to be established in late 2017* and the final investment decision on the Borstar® polyethylene plant will be taken simultaneously.
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.
"After significant investments in US LNG and US shale gas in 2016, this almost two billion dollar investment signals our determination to strengthen our presence in the United States, where we have operated for 60 years and have more than 6,000 employees," explained Patrick Pouyanné, Chairman and CEO of Total. "We want to take advantage of the business-friendly environment to contribute to making American petrochemicals even greater. By joining forces with Borealis and Nova, we aim to create a major player in the US polyethylene market."
The abundance of available gas in the United States as a result of the shale revolution provides two competitive advantages for petrochemicals: access to low-cost energy to run the facilities and competitively priced ethane feedstock.
Total in the United States
Total is present in all oil and gas industry segments, with the exception of fuel retailing, in the United States. Its operations there date back to 1957 and employ more than 6,000 people. Its main activities are:
* Pending regulatory approvals.
About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
Cautionary note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms "Total" and "Total Group" are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words "we", "us" and "our" may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
TOTAL
2, place Jean Millier
La Défense 6
92400 Courbevoie, France
Tel.: + 33 (0) 1 47 44 46 99
Fax: + 33 (0) 1 47 44 68 21
TOTAL S.A.
Share capital: €6,133,930,082.50
Registered in Nanterre: RCS 542 051 180
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/usa-17-billion-investment-to-expand-totals-petrochemicals-activities-in-texas-300429573.html
SOURCE Total
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.