NOVA Chemicals record strong performance by Olefins/Polyolefins sector

Chemical News: NOVA Chemicals record strong performance by Olefins/Polyolefins sector

https://www.chemnet.com Oct 26,2007 plastemart.com
NOVA Chemicals Corporation (NOVA Chemicals) has reported net income of US$97 mln for Q3-07, on very robust Q3 market conditions for Olefins/Polyolefins business. This growth is expected to continue into the next quarter and beyond, mainly on strong domestic and export demand and improving margins due to price increases that exceed feedstock cost changes.

Net income for the quarter compares to net income of US$80 million for Q2-07 and a net loss of US$24 mln for Q3-06, which included charges of US$92 mln related to restructuring and insurance wind-up costs. The Olefins/Polyolefins business unit reported record EBITDA of US$280 mln in the third quarter, up from US$228 mln in the second quarter.

During the third quarter, the expanded INEOS NOVA styrenics Joint Venture was approved by the U.S. Federal Trade Commission (FTC) and commenced operations on Oct. 1, 2007. In addition, the INEOS NOVA Joint Venture agreed to acquire the exclusive production rights to Sterling Chemicals' Texas City, Texas styrene monomer asset.

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