Total Targets US Polyethylene Market with $1.7 Bln Investment

French oil and gas major Total said on Monday it had entered a joint venture with Borealis and Nova to build an ethane steam cracker, and a polyethylene unit on the United States Gulf Coast in an investment worth $1.7 billion.

Total will hold a 50 percent stake in the venture.

"By joining forces with Borealis and Nova, we aim to create a major player in the US polyethylene market," Total's Chief Executive Patrick Pouyanne, said in a statement.

(Reporting by Bate Felix)