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)