One of the notable deals of the quarter closed in April when NOVA Chemicals Corp, a subsidiary of state-owned Mubadala Investment Co, acquired Williams Olefins LLC, a subsidiary of Williams Partners LP and ultimately owned by The Williams Cos, Inc., for US$2.1 billion in cash. The transaction allows NOVA Chemicals Corp entry to the US Gulf Coast market. NOVA Chemicals Corp. produces plastics and chemicals. Williams Olefins operates as a holding company with interests in the production of natural gas and petroleum products.

Industry Indicators

• The average US retail price for diesel and regular gas rose and fell 3.8% and 1.4%, respectively, in the week ending June 12, 2017, compared to the same week in 2016.
• The spot price of crude oil fell 7.2% in the week ending June 9, 2017, compared to the same week in 2016.

Posted by Roy Graham.

Read the Entire Energy 3rd Quarter Newsletter Here