Pittsburgh based Global chemical leader NOVA Chemicals Corporation announced that it has extended its force majeure on ethylene, propylene, crude C4s and other co-products from its Corunna, Ontario, manufacturing facility and on polyethylene from its Sarnia, Ontario, area manufacturing sites.
The force majeure declarations have been extended due to problems with newly installed compressor trains that have further delayed the re-start of NOVA Chemicals' Corunna ethylene flexi-cracker.
NOVA Chemicals expects fourth quarter 2005 results will be negatively impacted by an additional U.S. $20 - $30 million as a result of this delay. This is incremental to the previously announced delay impact estimate of $10 - $15 million. The revised total negative earnings impact of the shutdown is currently estimated to be approximately $60 - $70 million of Net Income in the fourth quarter of 2005.
NOVA Chemicals continues to work with all impacted customers during this delay.
Full operations are now expected in mid- to late December 2005.
NOVA Chemicals Corporation was launched as an independent, publicly traded chemical company. NOVA Chemicals produces commodity plastics and chemicals that are essential to everyday life. Their employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products.
They work with a commitment to Responsible Care to ensure effective health, safety, security and environmental stewardship.
NOVA Chemicals Corporation
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