NOVA Chemicals to sell its share in the Fort Saskatchewan Ethylene Storage Facility for U.S. $135 million
The transaction is expected to close on or about June 24, 2003, and is subject to satisfaction of closing conditions, which include the expiry or waiver of a right of first refusal by Dow Chemical Canada Inc., the other 50 percent owner of the storage facility.
"We are selling our share in the Fort Saskatchewan Storage Facility because owning it is not strategic to our business, and it is well valued," says Jeffrey M. Lipton, President and Chief Executive Officer for NOVA Chemicals. "The cash from this transaction further bolsters our liquidity and strengthens our balance sheet. Through a long-term contract, we have the same access to the facility that we had prior to the sale."
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