Company History and Development
NOVA Chemicals' predecessor, NOVA Corporation of Alberta, was incorporated in 1954.
In 1994, NOVA Corporation of Alberta filed articles of arrangement under the Business Corporations Act of Alberta to become a wholly owned subsidiary of NOVA Corporation, changed its name to NOVA Gas Transmission Ltd. and its common shareholders became the common shareholders of NOVA Corporation. At the same time, NOVA Corporation also became the parent corporation of NOVA Chemicals Ltd. and NOVA Gas International Ltd.
On July 2, 1998, NOVA Corporation and TransCanada PipeLines Limited completed a merger of equals by way of a plan of arrangement under the Act.
As a result of the TransCanada Arrangement, NOVA continued to conduct the commodity plastics and chemical businesses through NOVA Chemicals Ltd., and TransCanada began to conduct the energy services businesses formerly carried on by NOVA, through NOVA’s former subsidiaries, NOVA Gas Transmission Ltd. and NOVA Gas International Ltd.
On December 31, 1998, NOVA Chemicals Ltd. changed its name to NOVA Chemicals Corporation. Effective January 1, 1999, NOVA Chemicals Corporation amalgamated with NOVA under the Act and the resulting corporation adopted the name NOVA Chemicals Corporation.
On April 14, 2004, NOVA Chemicals Corporation was continued under the Canada Business Corporations Act.
On July 6, 2009, IPIC, which is wholly owned by the government of the Emirate of Abu Dhabi, completed the acquisition of NOVA Chemicals Corporation by way of a plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act. Pursuant to the Arrangement, a wholly owned subsidiary of IPIC, acquired all of our issued and outstanding common shares. On that same day, NOVA Chemicals was continued under the Business Corporations Act (New Brunswick), and our common shares were delisted from the New York Stock Exchange and the Toronto Stock Exchange.
We are a corporation continued under the laws of the Province of New Brunswick, Canada, with our principal place of business located at 1000-7th Avenue S.W., Calgary, Alberta, Canada T2P 5L5. Our telephone number is (403) 750-3600.
||We commenced operation of our first ethylene plant (“E1”) in Joffre, Alberta, in 1979.|
||In 1984, we commenced operation of a second ethylene plant (“E2”) in Joffre, Alberta, in tandem with a linear low-density polyethylene plant (“PE1”).|
||In February 1987, we acquired our low-density and high-density polyethylene facility near Mooretown, Ontario, from Union Carbide Canada Ltd. and Union Carbide Corporation.|
||In September 1988, we acquired Polysar Energy & Chemical Corporation. Through this purchase, we acquired our Corunna, Ontario, olefins facility, our original styrenics business and a rubber business that was subsequently sold to Bayer AG in October 1990.|
||In June 1994, we acquired our linear low-density and high-density polyethylene facility at the St. Clair River site in Corunna, Ontario, as well as the proprietary SCLAIRTECH™ technology and a global SCLAIRTECH technology licensing business, from DuPont Canada Inc.|
||In September 1996, we acquired the styrenics business of ARCO Chemical Company. In December 1996, we announced that we had developed Advanced SCLAIRTECH™ polyethylene technology.|
||In December 1998, we acquired the majority of Huntsman Corporation’s U.S. and European styrenics businesses, excluding its North American expandable polystyrene (“EPS”) assets.|
||In January 2000, we acquired the European solid polystyrene and EPS assets, Chilean EPS production and molding assets and associated worldwide sales and marketing operations of The Shell Petroleum Company Limited. In October 2000, along with Union Carbide Canada Inc. (now Dow Chemical Canada ULC (“Dow”)), we commenced operation of a jointly owned, third ethylene plant in Joffre, Alberta.|
||In July 2001, we commenced operation of our second polyethylene plant (“PE2”) at Joffre, Alberta, which operates using Advanced SCLAIRTECH technology.|
||In August 2004, we sold our ethylene delivery system in Alberta to Taylor NGL Limited Partnership (now AltaGas Ltd.). We continue to transport ethylene on the system and physically operate and maintain the system. In December 2004, we sold our interest in the Alberta Ethane Gathering System (“AEGS”) to Fort Chicago Energy Partners LP (now Veresen Inc. (“Veresen”)). We continue to transport ethane on the system and physically operate and maintain the AEGS system.|
||In October 2005, NOVA Innovene, a 50:50 joint venture formed by the merger of our European styrenic polymer business with Innovene’s, commenced operations. On December 16, 2005, United Kingdom based INEOS Group Ltd. (“INEOS”) announced that it had acquired Innovene. On October 1, 2007, we and INEOS expanded our joint venture to include our respective North American styrene monomer and styrenic polymer assets. On February 28, 2011, we completed the sale of our 50% interest in the INEOS NOVA joint venture to INEOS.|
||On July 6, 2009, IPIC completed the acquisition of NOVA Chemicals|