MOSCOW (MRC) -- NOVA Chemicals Corporation (Calgary, Alberta), a leading supplier of polyethylene in the Americas, has announced the appointment of Musabbeh Al Kaabi, Chief Executive Officer, Petroleum & Petrochemicals for Mubadala Investment Company to the position of Chairman, NOVA Chemicals Board of Directors, according to GlobeNewsWire.
Al Kaabi succeeds His Excellency Suhail Mohamed Faraj Al Mazrouei, UAE Minister of Energy & Industry who has served as chairman for nearly five years. Faris Al Mazrui, Head of Moscow Office, Mubadala Investment Company, and Tim Breen, Executive Director, Technology, Mubadala Investment Company, have also joined NOVA Chemicals Board of Directors.
Musabbeh Al Kaabi said, "I am proud and honored to have been appointed as chairman. I would like to thank H.E. Suhail Al Mazrouei for his insightful leadership during a time of growth and transformation at NOVA Chemicals. I look forward to continuing to work with NOVA’s management team to deliver the current slate of investment projects and build on the company’s position as a leading player in the North American petrochemicals market."
As MRC reported earlier, in January 2017, NOVA Chemicals announced the start up of its new world-scale linear low density polyethylene (LLDPE) gas phase reactor at its Joffre, Alberta site.
Besides, NOVA Chemicals expanded ethylene production capacity by 20% at its cracker in Corunna, Ontario from the previous capacity of about 839,000 tpy. The expansion occurred between 2014 and 2018 and was part of a wave of expansions and upgrades to NOVA's existing facilities near Sarnia, Ontario. Other upgrades in the plan included a debottlenecking of the Moore low-density polyethylene (LDPE) line and a retrofit of the Moore high-density polyethylene (HDPE) line.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).
NOVA Chemicals Corporation is a plastics and chemical company headquartered in Calgary, Alberta, Canada, and is wholly-owned ultimately by Mubadala Investment Company of the Emirate of Abu Dhabi, United Arab Emirates.