Orrick advised Borealis AG and NOVA Chemicals Corporation in the negotiation of definitive agreements with Total S.A. to form a joint venture in petrochemicals on the U.S. Gulf Coast.

The joint venture – in which Total will own 50% and Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals, will own the remaining 50% – will commence subject to customary closing conditions, including receipt of regulatory approvals.

The joint venture will include the under-construction 1 Mt/y (2.2 b lb) ethane steam cracker in Port Arthur, Texas; Total’s existing polyethylene 400 kt/y (880 m lb) facility in Bayport, Texas; and a new 625 kt/y (1.35 b lb) Borstar ® polyethylene unit at Total’s Bayport, Texas, site.

For additional information, please see the announcement issued by NOVA Chemicals here.

The Orrick team advising Borealis and NOVA Chemicals was led by Blake Winburne, Jonathan Ayre, Joseph Lawlor and Alessandra Grace in the firm’s Houston office, with support from Matthew Archer, Grady Bolding, Brad Breen, Harry Clark, Claudia Frost, Brad Gathright, Greg Hume, Giji John, Antony Kim, Robert Lawrence, Dominic O’Brien, Mitch Pahl, Rohit Sachdev, Darrell Thomas, Adeola Adeyemi, Michael Gu, Shani Harmon, Grace Lentz, Andrea Memovic, Amy Padgett, and Gil Shefer.