A subsidiary of Enterprise Products Partners recently acquired NOVA Chemicals’ ethylene storage business and trading hub in Mont Belvieu, Texas.
NOVA, one of the largest merchant ethylene producers and marketers on the U.S. Gulf Coast, will be a long-term storage customer in the Enterprise system, the companies said.
“The acquisition, which gives Enterprise ownership of the largest ethylene market hub in Texas since it was established in 2001, will complement Enterprise’s own growing ethylene network in the region,” said Chris D’Anna, senior vice president of Petrochemicals for Enterprise’s general partner.
Enterprise is a North American provider of midstream energy services, including the transportation and storage of natural gas, natural gas liquids (NGLs), crude oil, and petrochemical and refined products. NOVA, headquartered in Calgary, Alberta, Canada, develops and manufactures chemicals and plastic resins.
“This transaction provides the best long-term solution for the Mont Belvieu ethylene storage business and trading hub, allowing NOVA to focus on our core business of ethylene and polyethylene production, including the safe and successful completion of our world-class Advanced SCLAIRTECH technology facility in Ontario that will deliver recycle-ready resins for sustainable packaging solutions,” said John Thayer, senior vice president of sales and marketing for NOVA Chemicals.