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Calgary, Alberta, Canada, Jan 17, 2014 - (ACN Newswire) - NOVA Chemicals Corporation (NOVA Chemicals) today celebrated its commitment to the Sarnia, Ontario region during a ceremony to commemorate the first barrels of ethane sourced from the Marcellus Shale Basin being utilized at its Corunna, Ontario cracker.
NOVA Chemicals began consuming this new feedstock in late December 2013 as part of a project to revamp its Corunna, Ontario cracker to utilize up to 100% natural gas liquid feedstock in line with its strategy to ensure the long-term economic viability of its Ontario assets.
"The introduction of Marcellus Shale ethane into the feedstock diet at our Corunna cracker marks a tremendous milestone in our journey to utilize more cost-competitive feedstock in Ontario, which should result in stronger and more consistent financial performance for our Ontario-based assets," stated NOVA Chemicals CEO Randy Woelfel. "This is a critical component to our NOVA 2020 growth strategy of capitalizing on new feedstock sources to meet our current needs and expanding customer demands."
"We are excited to be the first petrochemical company to use this emerging feedstock source as we move toward the completion of our cracker revamp and increase the volumes of ethane consumed through the quarter. Our cracker revamp coupled with the availability of new, cost-competitive feedstock sources creates a great foundation for our recently announced growth plans in the Sarnia, Ontario region," commented Tom Thompson, NOVA Chemicals Manufacturing Leader Sarnia.
"I want to congratulate NOVA Chemicals on its success in drawing the first barrels of ethane into its Corunna site and diversifying the feedstock supply to the Sarnia-Lambton chemical and manufacturing cluster," said the Honourable Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment. "NOVA Chemicals is a key partner and anchor company in the region that has shown strong support for Ontario's manufacturing sector by investing here as part of its long-term growth strategy. Attracting investments from global players like NOVA Chemicals is part of the Ontario government's economic plan to create jobs by supporting a dynamic and innovative business climate."
About NOVA Chemicals Corporation
NOVA Chemicals develops and manufactures chemicals, plastic resins and end-products that make everyday life safer, healthier and easier. Our employees work to ensure health, safety, security and environmental stewardship through our commitment to sustainability and Responsible Care(R). NOVA Chemicals, headquartered in Calgary, Alberta, Canada, is a wholly owned subsidiary of International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi, United Arab Emirates.
Visit NOVA Chemicals on the Internet at www.novachemicals.com.
About NOVA 2020
NOVA 2020 is NOVA Chemicals long-term asset strategy to capitalize on emerging feedstock opportunities and growing North American demand.
NOVA 2020 lays out the strategic direction and vision of the organization. As NOVA Chemicals evolves its asset base to support leadership in the markets it serves, this endeavor will not only help deliver more capacity to customers, but also maximize the value generated by NOVA Chemicals' business.
Learn more at NOVA 2020. www.novachem.com/Pages/nova-2020.aspx
Media inquiries, please contact:
Pace Markowitz
Director, Communications
Tel: +1-412-490-4952
E-mail: pace.markowitz@novachem.com
NOVA Chemicals' logo is a registered trademark of NOVA Brands Ltd.; authorized use. Responsible Care(R) is a registered trademark of the Chemistry Industry Association of Canada.
Forward Looking Statements
This news release contains forward-looking statements regarding NOVA Chemicals cracker revamp project, its use of Marcellus Shale ethane, its NOVA 2020 growth strategy and potential impacts on financial performance. By their nature, forward-looking statements involve assumptions, known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Detailed information about some of the known risks and uncertainties is included in the "Risk Factors" section of the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") on March 1, 2013 as well as other filings with the SEC which can be obtained on the Company's website at http://www.novachemicals.com or the SEC's website at http://www.sec.gov. Readers are specifically referred to those documents. NOVA Chemicals' forward-looking statements are expressly qualified in their entirety by this cautionary statement. In addition, the forward-looking statements are made only as of the date of this news release, and except as required by applicable law, NOVA Chemicals undertakes no obligation to publicly update the forward-looking statements to reflect new information, subsequent events or otherwise.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NOVA Chemicals Corporation via Globenewswire
Topic: General Announcement
Source: NOVA Chemicals Corporation
https://www.acnnewswire.com
From the Asia Corporate News Network
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