NOVA Chemicals and Innovene Announce Catalyst
License Agreement with Westlake Petrochemicals
Thursday May 12, 1:22 pm ET
PITTSBURGH--(BUSINESS WIRE)--May 12, 2005--NOVA Chemicals International S.A. today announced it has entered into a license agreement with Westlake Petrochemicals LP for NOVACAT(TM) polyethylene catalysts. NOVACAT catalysts are a series of proprietary, advanced Ziegler-Natta catalysts co-developed by NOVA Chemicals and Innovene, formerly BP Petrochemicals, for gas-phase polymerization processes. Westlake Petrochemicals, a leading manufacturer and supplier of petrochemicals and polymers, will use the catalysts for its linear low-density polyethylene operations.
"We are pleased to license our premium NOVACAT catalysts to Westlake," said Joe Welch, NOVA Chemicals' Manager of Catalyst Licensing. "NOVACAT catalysts provide enhanced product properties and throughput improvements that we expect will deliver significant and immediate benefits to Westlake."
Jeff Taylor, Westlake's Vice President of Polyethylene, said, "Westlake is committed to implementing advanced technologies that deliver value from our assets. NOVACAT catalysts are an important component to the further improvement of the performance of our gas-phase polyethylene plants."
NOVACAT catalysts deliver numerous advantages compared to other commercially available polyethylene catalysts, including higher throughput, lower usage of additives and co-monomers and improved particle morphology. NOVACAT catalysts enable gas-phase polyethylene producers to manufacture a full range of butene and hexene resins that deliver improved performance for a variety of polyethylene end-use applications.
NOVA Chemicals produces commodity plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide who produce consumer, industrial and packaging products. We work with a commitment to Responsible Care® to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX. Visit NOVA Chemicals on the Internet at www.novachemicals.com.
BP separated its $15bn turnover olefins and derivatives business - now called Innovene - with effect from 1 April 2005 ready for a possible IPO in the second half of 2005, subject to market conditions and receipt of all necessary approvals.
Westlake Petrochemicals LP is a wholly owned indirect subsidiary of Westlake Chemical Corporation. Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes ethylene, propylene, polyethylene, styrene, caustic soda, VCM, PVC, and PVC pipe, windows and fence. For more information, visit the company's Web site at www.westlakechemical.com.
NOVACAT(TM) is a trademark of NOVA Chemicals.
Responsible Care® is a registered trademark of the Canadian Chemical Producers' Association (CCPA) in Canada and is a registered service mark of the American Chemistry Council (ACC) in the United States.
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