IPIC and NOVA Chemicals Announce Closing of Transaction

07-08-2009: International Petroleum Investment Company (“IPIC”) and NOVA Chemicals Corporation announced the completion of the acquisition of NOVA Chemicals by way of a plan of arrangement (the “Arrangement”). NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base.

“We are very pleased to complete this transaction and are excited about the future opportunities for NOVA Chemicals to grow in Alberta and elsewhere,” said Chris Pappas, President and CEO of NOVA Chemicals. “Our team is focused on leveraging renewed financial strength to take our industry-leading technology from our operating base in Canada to the world.”

Pursuant to the Arrangement, a wholly-owned subsidiary of IPIC acquired all of NOVA Chemicals issued and outstanding common shares for US $6.00 per share.

De-listing of the common shares from the Toronto Stock Exchange and the New York Stock Exchange is expected to occur shortly.