<br> By Paul Morden, from ;nbsp; <a target="_blank" href="http://www.theobserver.ca">www.theobserver ;nbsp;</a> ;nbsp; ;nbsp; The Observer<br><br> Nova Chemicals is enjoying record earnings and considering ambitious growth plans, including a possible new plant in Sarnia-Lambton.<br><br> While announcing the company generated $538 million in profits in the first nine months of 2011, chief executive officer Randy Woelfel said Wednesday, ;quot;Our industry may be growing more slowly, but it is still growing. ;quot;<br><br> Earlier this year, Nova announced it is exploring the possibility of a new world-scale polyethylene plant in Sarnia-Lambton by 2012. It's also considering a new plant in Alberta.<br><br> ;quot;By the middle of 2012, ;quot; Woelfel said Wednesday, ;quot;we should have additional details on the timing and scope of the various growth projects. ;quot;<br><br> During a conference call held to announce the company's third quarter earnings, he said, ;quot;We have record earnings so far in 2011, along with strong cash generation and that positions us well to move forward with our ambitious growth plans. ;quot;<br><br> The company also said Wednesday its debt has dropped below $1 billion for the first time in the history of Nova Chemicals as a standalone company.<br><br> Woelfel also spoke about how 2011 has been ;quot;an extraordinarily challenging year for maintenance turnarounds at our facilities. ;quot;<br><br> Each of its olefin and polyethylene facilities were brought down for some period of non-routine maintenance since May, he said.<br><br> That included Nova facilities in Chemical Valley.<br><br> ;quot;We are working through one startup operational issue at Corunna, with an expectation of a modest delay in our original on-streaming timing, ;quot; Woelfel said.<br><br> But, he added, ;quot;We've now caught up from the backlog of work that had been deferred over the past several years, and will now return to a more normal turnaround pattern in the future. ;quot;<br><br> The company has been revamping its Corunna cracker so it can use up to 100% natural gas liquids as its feedstock.<br><br> ;quot;This construction work included tie-ins for future equipment so that we should not have to take Corunna down again to implement the remaining capital work, ;quot; Woelfel said.<br><br> Nova recently signed agreements to buy and transport natural gas liquids from the Marcellus shale basin in the eastern U.S.<br><br> ;quot;We are very excited to be the first company to sign definitive agreements to begin moving Marcellus shale ethane north to Sarnia, Ont., by the middle of 2013, ;quot; Woelfel said.<br><br> ;quot;This game-changing project will help convert Corunna into a more viable, robust business platform. ;quot;<br><br> Nova Chemicals has three plant sites in Sarnia-Lambton that employ about 900 people.<br><br> Along with high profits, the company has enjoyed a good safety record in 2011, Woelfel said.<br><br> ;quot;Year-to-date, our safety statistics are the best the company has ever had. ;quot;<br><br> Nova Chemicals, headquartered in Calgary, is a wholly owned subsidiary of the International Petroleum Investment Company of the Emirate of Abu Dhabi, United Arab Emirates.<br><br> Observer Article ID# 3363758 <br>
