BP and Nova christen polystyrene joint venture

Nova Innovene is to be the name for the new polystyrene joint venture between Nova Chemicals of Canada and BP, for which the two parties have now signed binding agreements (PRW.com 16 November 2004).

The company will be headed by Martin Pugh, who currently leads Nova Chemicals in Europe with Chris de la Camp, from the BP side, as finance director. Assuming regulatory approvals, Nova Innovene expects to start operations during the third quarter of this year.

BP’s share of the venture will form part of its new Innovene business, which was separated out in April and is to be the subject of a possible IPO in the second half of 2005.