07182019Thu
Last updateThu, 18 Jul 2019 4pm

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Chevron Phillips Planning to Acquire Nova Chemicals

Chevron Phillips Chemical is bidding more than $15 billion for Canadian chemical giant Nova Chemicals of Alberta, Canada, Plastics News reports.

"The deal with Nova Chemicals would allow Chevron and Phillips 66 to diversify further into this market while increasing competitiveness and market reach. North American ethane feedstock advantage makes the region an ideal location for acquisitions/expansions in the ethylene-polyethylene sector," said Ashish Chitalia, principal analyst at global consulting firm Wood Mackenzie.

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