Nova Chemicals to invest $2bn into Ontario operations
Nova Chemicals, a leading Canadian name within the plastic and chemicals industry, has outlined its new investment program for a significant growth project within Ontario that is expected to exceed $2bn.
The investments will be used to expand the company’s existing Corunna Cracker facility located in the Sarnia-Lambton region by over 50%.
“We are pleased to be moving forward with this growth opportunity and thankful for the support from the provincial government,” said Naushad Jamani, Senior Vice President, Olefins and Feedstocks, Nova Chemicals.
“With this investment, we are bringing innovation to the North American and global marketplace, investing in our highly skilled people and creating a solid future for the communities in which we operate. This was made possible by our talented teams across Canada, the strong support of the community and collaboration with Ontario.”
Once complete, this will provide Nova with a greater ethylene feedstock for a new polyethylene facility that will increase its plastic production by 450,000 tonnes to 950,000 tonnes each year.
Polyethylene is a key ingredient to many everyday plastic-based items including pipes, consumer electronics and bags.
The announcement continues Nova’s strong growth plan, with the company having acquired the Geismar Olefins facility in Louisiana earlier in the year – a plant that produces nearly 900,000 tonnes of ethylene annually.