Nova Chemicals Corp's Joffre, Alberta complex, one of the world's largest for ethylene and polyethylene, has undergone severe damages due to a recent storm that hit the area. The shutdown of a major gas liquids extraction facility has forced Nova to hack production in Alberta. The damaged Empress extraction plant is unable to ship the feedstock material- ethane and is running at about 40% of its capacity.
Nova's losses due to this shutdown are tremendous. Nova has lost ethylene output to the tune of about 450,000 to 750,000 tons and lost polyethylene sales volumes of atleast 150,000 to 250,000 tons. Earnings of Empress could suffer a severe setback. Post tax earnings could see a reduction of $15 million to $30 million.
28-Jun-05 
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