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NOVA Chemicals and Williams Announce Letter of Intent for Project to Extract Ethane from Alberta Oil Sands
NOVA Chemicals and Williams Announce Letter of Intent for Project to Extract Ethane from Alberta Oil Sands.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH, PA., July 23 /CNW/ - NOVA Chemicals Corporation\n(NYSE:NCX)(TSX:NCX) today announced it has reached an agreement with Williams\n(NYSE: WMB) to evaluate processing current and future off-gas streams from the\nAlberta oil sands to extract ethane. This feedstock would be delivered to NOVA\nChemicals' Joffre, Alberta, manufacturing facility, utilizing the existing\nJoffre Feedstock Pipeline.\n\n\n"We're very pleased to be the first petrochemical company to find a\npotential path to the economic recovery of ethane from the Alberta oil sands,\nwhich contain the second largest proven reserves of oil in the world," said\nChris Pappas, Chief Operating Officer of NOVA Chemicals. "This additional,\ncost-advantaged feedstock will help secure our foundation for additional\ngrowth in Alberta."\n\n\nUnder the terms of a letter of intent, Williams would modify the existing\noil sands off-gas liquids fractionation facility near Redwater, Alberta, to\nenable extraction of ethane and ethylene. This facility would be owned by\nWilliams. NOVA Chemicals would be the exclusive, long-term customer for the\nproject, which is expected to begin operating in stages starting as early as\n2010. Williams is currently processing an off-gas liquids stream at Redwater\nfor the production of propylene.\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.\n\n\nGraphics are available upon request.\n\n\nForward-Looking Information\n\n\nThe information in this news release contains forward-looking statements\nregarding a proposed project with Williams, including statements that:\nadditional, cost-advantaged feedstock will help secure NOVA Chemicals'\nfoundation for additional growth in Alberta; Williams would modify the\nexisting oil sands off-gas liquids fractionation facility near Redwater,\nAlberta to enable extraction of ethane and ethylene; the facility would be\nowned by Williams; and NOVA Chemicals would be the exclusive, long-term\ncustomer...