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NOVA Chemicals Proceeds With Growth Plans in Canada
(GLOBE NEWSWIRE via COMTEX) -- Copyright (C) 2017 GLOBE NEWSWIRE. All rights reserved.

NOVA Chemicals Corporation, 1000 Seventh Avenue S.W., Calgary, Alberta, Canada T2P 5L5

www.novachemicals.com | 403.750.3600 tel | 403.269.7410 fax

Calgary, Alberta (December 8, 2017) - Today NOVA Chemicals Corporation (NOVA Chemicals) announced two significant growth projects for its Ontario operations involving a capital investment expected to exceed Cdn $2 billion. This brings industry-leading manufacturing technology to Ontario, with improved product performance and increased energy efficiency.

The announcement marks the addition of two new large-scale capital investments in the Sarnia-Lambton region. The expansion of NOVA Chemicals' Corunna cracker by approximately 50 percent will provide ethylene feedstock to a new polyethylene facility, NOVA Chemicals' second Advanced SCLAIRTECH(TM) technology facility (AST2). The AST2 facility is designed to increase NOVA Chemicals' polyethylene production capacity by approximately 950 million pounds (450 kilotons) per year. Site preparations are currently underway for both projects, with start-up targeted for late 2021.

"We are pleased to be moving forward with this growth opportunity and thankful for the support from the provincial government. With this investment, we are bringing innovation to the North American and global marketplace, investing in our highly skilled people and creating a solid future for the communities in which we operate. This was made possible by our talented teams across Canada, the strong support of the community and collaboration with Ontario," said Naushad Jamani, Senior Vice President, Olefins and Feedstocks, NOVA Chemicals.

About NOVA Chemicals' Growth Strategy

Earlier this year, NOVA Chemicals acquired the Geismar Olefins Facility located in Louisiana, an operating facility with positive cash flow and significant opportunity for future growth.

An additional opportunity to help meet the growing consumer demand for polyethylene continues to progress. Specifically, the proposed Joint Venture with Borealis and Total involving Total's existing Bayport, Texas polyethylene facility, development of a new light feed cracker in Port Arthur, Texas and a new Borstar(R) technology polyethylene facility in Bayport, with expected start-up in 2020.

About NOVA Chemicals Corporation

NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life healthier, easier and safer. Our employees work to ensure health, safety, security and environmental stewardship through our commitment to sustainability and Responsible Care(R). NOVA Chemicals, headquartered in Calgary, Alberta, Canada, is wholly-owned ultimately by Mubadala Investment Company of the Emirate of Abu Dhabi, United Arab Emirates.

For more information visit:

www.novachemicals.com

###

For further information please contact:

NOVA Chemicals - Media Inquiries

Mark Horner

Director, Corporate Communications

e-mail: mark.horner@novachem.com

NOVA Chemicals - Investor Inquiries

Patty Masry

Leader, External Financial Reporting

e-mail: patty.masry@novachem.com

The NOVA Chemicals logo is a registered trademark of NOVA Brands Ltd.; authorized use.

Advanced SCLAIRTECH(TM) is a trademark of NOVA Chemicals.

Responsible Care is a registered trademark of the Chemistry Industry Association of Canada

BORSTAR(R) is a registered trademark of Borealis AG.

Forward-Looking Statements: This news release contains forward-looking statements, including the expected capital investment in, and timing of start-up of, the two growth projects in Ontario and expected timing of start-up of the proposed joint venture with Borealis and Total. By their nature, forward-looking statements require NOVA Chemicals to make assumptions and are subject to inherent risks and uncertainties. NOVA Chemicals' forward-looking statements are expressly qualified in their entirety by this cautionary statement. In addition, the forward-looking statements are made only as of the date of this news release, and except as required by applicable law, NOVA Chemicals undertakes no obligation to update the forward-looking statements to reflect new information, subsequent events or otherwise.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: NOVA Chemicals Corporation via Globenewswire


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