February 23rd, 2009 NOVA Chemicals

IPIC and NOVA Chemicals Announce Friendly, Recommended All-Cash Acquisition of NOVA Chemicals

International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation announced today that they have entered into an agreement providing for the acquisition by IPIC of all of NOVA Chemicals' outstanding common shares for a cash consideration of US$6.00 per Share. The acquisition will be implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act.

The consideration per Share represents a 348% premium over the February 20, 2009 closing price of the Shares on the New York Stock Exchange and a 204% premium over the combined and currency-adjusted 30-day volume-weighted average price of the Shares on the Toronto Stock Exchange and NYSE up to and including February 20, 2009. The total value of the Arrangement, including assumption of NOVA Chemicals' net debt obligations, is approximately US$2.3 billion.

NOVA Chemicals will continue to manage its operations and set its business objectives from North America.

About IPIC

IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC looks to earn a commercial rate of return on its investments and is a long-term equity investor. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984. It plays an active role in the development of petrochemical sector in Abu Dhabi through facilitating joint ventures, which benefit from the technology and operating resources of companies in IPIC's portfolio and Abu Dhabi's feedstock advantages. IPIC holds equity stakes in Borealis & OMV in Austria and Germany (1998 & 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oilbank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Ferrostaal in Germany (2008) and Oil Search in Australia (2008). Its estimated net worth is more than US$14 billion.


About NOVA Chemicals      2007/3/26 NOVA Chemicals、北米のSMPS事業をINEOSとのJVに移管

Manufacturing Sites
Capacity - Millions of Pounds
Corunna, Ontario, Canada 1,850      
Joffre, Alberta, Canada(1) 4,800 2,350    
Moore Township, Ontario, Canada
St. Clair River, Ontario, Canada
Channelview, Texas, USA(2)     400  
Monaca, Pennsylvania, USA       475*
Painesville, Ohio, USA       85
Quilicura, Chile
El Tepual, Chile       Converter
Total Site Capacities 6,650 3,580 400 567

* Includes production of select Styrenic Performance Polymers.
(1) Excludes Dow portion of ethylene capacity

NOVA Chemicals' Joffre manufacturing facility lies just east of Red Deer, Alberta, and is the largest ethylene and polyethylene complex in the world. The site actually consists of five manufacturing facilities: three for ethylene production and two for polyethylene production.

Joffre's first ethylene plant started production in 1979 and was the first manufacturing facility built by NOVA Chemicals. A second ethylene plant and a polyethylene plant began production in 1984.

In the year 2000, NOVA Chemicals started up a third ethylene plant, as part of a joint venture with DOW Chemical, that nearly double Joffre's ethylene production, taking it to 4.8 billion pounds (2165 kilotonnes) annually. At the same time, NOVA Chemicals began production of a second polyethylene plant with an annual rated capacity of 860 million pounds (390 kilotonnes) which uses proprietary processing technologies to produce performance products. In order to power the expanded Joffre facility, NOVA Chemicals, ATCO and EPCOR built a 450-megawatt gas-fired cogeneration facility in conjunction with these significant site additions. INEOS Oligomers operates a linear alpha olefins (LAO) facility on the Joffre site.

(2) This represents the equity position in the Lyondell Chemical Company, Channelview, Texas facility and does  not include a short-term tolling arrangement for an additional 400 million pounds.
equity position in the Lyondell Channelview facility and a long-term tolling arrangement associated with that interest)



設立 1984年5月29日
設立目的 アブダビ首長国外の石油、石油化学分野を主たる対象として投資し、自国産原油から派生する石油産業のバリューチェーン構築を目指す。
経営陣 会長 マンスール大統領官房大臣(故ザーイド大統領13男)
社長 クベイシ(元ADIA)
出資者 アブダビ首長国政府 100%
資産規模 非公開
投資概要 アジアを中心として石油精製会社に資本参加することにより、間接的にアブダビ原油の安定した供給先の確保と共に石油精製技術を共有、更にはアジア域内の石油製品市場への参入を目指す。また、欧州企業とは共同出資によりアブダビに石化会社を設立し、石化プラントを運営。現在同国内で生産規模の拡張途上にあり、国内産業(製造業)育成の一端を担っている。一方で全ての投資案件は最高石油評議会(SPC)の承認が必要。
-Pak-Arab Refine Company(PARCO)の株式40%を保有。
Compania Espanola de Petroleos SA(CEPSA)へ25%出資。同社との間でJVも設立。
○その他、オマーン(OPC)、エジプト(Arab Company)にも投資。