French Energy giant Total, Austria’s Borealis and Canada-based Nova Chemicals have announced closing agreements for a joint venture (JV) to operate a petrochemicals project in the US state of Texas, after clearing all regulatory approvals.

The JV company named Bayport Polymers (Bay-Pol) is 50 per cent owned by Total and 50 per cent owned by Novealis Holdings, a joint venture between Borealis and Nova Chemicals.

Abu Dhabi’s investment firm Mubadala is the majority owner in both Borealis and Nova.

The Bay-Pol joint venture includes the under-construction 1 million tonnes a year (t/y); ethane steam cracker in Port Arthur, Texas, Total’s existing polyethylene 400,000 t/y facility in Bayport, Texas; and a new 625,000 t/y Borstar polyethylene unit at Total’s Bayport site, subject to the final investment decision.

Mussabeh al-Kaabi, the CEO of Mubadala Petroleum and Petrochemicals, has said the firm’s exposure to the US energy market has increased significantly since the integration of its parent body Mubadala Investments Company with the Abu Dhabi Investment Council (Adic).