NOVA Chemicals Corporation: NOVA Chemicals announces first utilization of
ethane supplied from Bakken Shale
NOVA Chemicals Corporation, 1000 Seventh Avenue S.W., Calgary, Alberta, Canada
www.novachemicals.com | 403.750.3600 tel | 403.269.7410 fax
NOVA Chemicals announces first utilization of ethane supplied from Bakken
Calgary, Alberta (June 13, 2014) - NOVA Chemicals Corporation (NOVA Chemicals)
today announced that the first barrels of ethane supplied from natural gas
associated with oil production from Bakken Shale are being utilized at its
Joffre, Alberta complex.
The ethane was produced at Hess Corporation's Tioga, North Dakota plant and
transported across the border into Alberta via the Vantage Pipeline. The
Vantage Pipeline connects to the Alberta Ethane Gathering System (AEGS) in
Empress, Alberta for the final journey to Joffre. NOVA Chemicals is the
contract operator of both AEGS and the Vantage Pipeline.
The Vantage Pipeline has an initial design capacity of 40,000 bpd but is
expandable to greater than 60,000 bpd, a volume that reflects more than 20% of
Alberta's existing installed ethylene production capacity. Ethane extracted
from associated gas produced from Bakken Shale is expected to be a growing and
stable feedstock supply source for the Alberta petrochemical industry.
"The introduction of Bakken Shale-based ethane into the feedstock diet at
Joffre marks an important milestone in the diversification of our ethane
sources for the region and our NOVA 2020 strategy to capitalize on North
American demand," stated Todd Karran, NOVA Chemicals Acting CEO and CFO. "The
new supply sources we recently began to use, together with those currently in
development, should enable us to run our existing polyethylene plants at full
capacity, as well as support our PE1 Expansion project in Joffre and position
us well for potential further growth."
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^®.
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.
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NOVA Chemicals' logo is a registered trademark of NOVA Brands Ltd.; authorized
Responsible Care^® is a registered trademark of the Chemistry Industry
Association of Canada.
Forward Looking Statements: This news release contains forward-looking
statements regarding ethane supplied from natural gas associated with oil
production from Bakken Shale, and NOVA Chemicals beliefs about its feedstock
supply for its Joffre operations and its impact on current and future
polyethylene production. 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 our annual report
on Form 20-F filed with the United States Securities and Exchange Commission
("SEC") on February 27, 2014 as well as our other filings with the SEC which
can be obtained on our 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
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