Williams Partners sells petrochem plant to Nova Chemicals: Reuters

Williams Partners LP said on Monday it would sell its stake in a unit that owns 88.46 percent of an olefins plant in Louisiana to Nova Chemicals Corp for US$2.1 billion in cash, as part of the pipeline operator's efforts to focus on natural gas, Reuters reported. The company said its units would enter into long-term supply and transportation agreements with Nova after the deal closes, expected by this summer. Calgary-based Nova Chemicals is owned by International Petroleum Investment Co, set up by the Abu Dhabi government to invest in the energy and related sectors.

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