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NOVA Chemicals and Aux Sable Reach Agreement on Alberta Ethane Extraction Plant
NOVA Chemicals and Aux Sable Reach Agreement on Alberta Ethane Extraction Plant.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH, March 21 /CNW/ - NOVA Chemicals Corporation\n(NYSE:NCX)(TSX:NCX)("NOVA Chemicals") today announced that the company has\nsigned a letter of intent with Aux Sable Canada Ltd. ("ASC") to develop an\nethane extraction plant in Fort Saskatchewan, Alberta that would process\nnatural gas from the Alliance Pipeline. ASC and NOVA Chemicals will work\ntogether to develop the project, which will be owned and operated by ASC and\nis expected to begin operating in mid-2010.\n\n\nThe extraction plant will have the capacity to process as much as 1.2\nbillion cubic feet of natural gas per day and will produce approximately\n40,000 barrels per day of ethane. The extraction plant will be located on land\nowned by ASC in Fort Saskatchewan, adjacent to the site of ASC's Heartland\nOffgas Plant. Ethane will be delivered via pipeline to NOVA Chemicals' Joffre,\nAlberta, petrochemical complex for use as a feedstock in the production of\nethylene.\n\n\n"Maintaining and extending the Alberta Advantage for production of\nethylene is fundamental to the long-term viability of the petrochemical\nindustry in the province," said Jeffrey M. Lipton, President and CEO of NOVA\nChemicals. "By increasing the recovery of ethane currently being exported from\nthe province, this project will help position NOVA Chemicals and the rest of\nthe Alberta petrochemical industry for future growth."\n\n\n"This is an important next step in Aux Sable Canada's strategy to be a\nleader in fee-for-service processing in the Fort Saskatchewan area. We are\nexcited about the opportunity to grow our Fort Saskatchewan facilities and to\nplay an increasing role in the Government of Alberta's vision of value-added\nresource processing in the province," said W. J. (Bill) McAdam, President and\nCEO of ASC.\n\n\nNOVA Chemicals produces plastics and chemicals that are essential to\neveryday life. Our employees develop and manufacture materials for customers\nworldwide that produce consumer, industrial and packaging products. NOVA\nChemicals works with a commitment to Responsible Care(R) to ensure effective\nhealth, safety, security and environmental stewardship. Company shares are\ntraded on the Toronto and New York stock exchanges as NCX. Visit NOVA\nChemicals on the Internet at www.novachemicals.com.\n\n\nASC and its U....