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NOVA Chemicals joins the IPIC family

07
Jul '09
International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation (NOVA Chemicals) announced the completion of the acquisition of NOVA Chemicals by way of a plan of arrangement. NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base.

"We are very pleased to complete this transaction and we are excited about the future opportunities for NOVA Chemicals to grow in Alberta and elsewhere," said Chris Pappas, President and CEO of NOVA Chemicals. "Our team is focused on leveraging renewed financial strength to take our industry-leading technology from our operating base in Canada to the world."

"We are very pleased that NOVA Chemicals is joining the IPIC family," said Managing Director and Board Member, IPIC, H.E. Khadem Al Qubaisi. "NOVA Chemicals will complement IPIC's existing petrochemical portfolio by providing access to North American markets and distribution channels, world-class technology, and a wider range of products."

"We believe that NOVA Chemicals is a perfect fit within our long-term petrochemical growth strategy, and this combination is a key component in achieving IPIC's goal of becoming a global industry leader."

NOVA Chemicals Corporation


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