Borealis last week issued a force majeure declaration for its Stenungsund steam cracker in Sweden.
A spokesperson from the company said that on 8th of April the company declared force majeure for its cracker operations in Stenungsund due to a “technical incident”.
The cracker in Stenungsund can produce 625,000 metric tons of ethylene per annum.
Borealis said that it has already cut its operating rates of steam crackers due to Covid-19 impact as overall demand was lower.
Novealis Acquisition
Borealis AG announced that it has completed the acquisition of NOVA Chemicals’ 50% ownership interest in Novealis Holdings LLC.
Formed in 2018, Novealis is the joint venture between affiliates of Borealis and NOVA Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A. to launch Bayport Polymers LLC in Houston, Texas, US.
“This acquisition supports our global growth ambitions,” commented Alfred Stern, Borealis CEO.
“Acquiring NOVA Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products,” he added.