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IPIC and NOVA Chemicals Announce Closing of Transaction

July 7, 2009
International Petroleum Investment Co. (IPIC) and NOVA Chemicals Corp. have announced the completion of the acquisition of NOVA Chemicals by way of a plan of arrangement. NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base.

"We are very pleased to complete this transaction and we are excited about the future opportunities for NOVA Chemicals to grow in Alberta and elsewhere," said Chris Pappas, president and CEO of NOVA Chemicals. "Our team is focused on leveraging renewed financial strength to take our industry-leading technology from our operating base in Canada to the world." 

"We are very pleased that NOVA Chemicals is joining the IPIC family," said managing director and board member, IPIC, H.E. Khadem Al Qubaisi. "NOVA Chemicals will complement IPIC's existing petrochemical portfolio by providing access to North American markets and distribution channels, world-class technology, and a wider range of products.

"We believe that NOVA Chemicals is a perfect fit within our long-term petrochemical growth strategy, and this combination is a key component in achieving IPIC's goal of becoming a global industry leader."

Pursuant to the arrangement, a wholly-owned subsidiary of IPIC acquired all of NOVA Chemicals issued and outstanding common shares for US $6 per share. Any questions and requests for assistance in surrendering certificates representing shares of NOVA Chemicals in order to receive consideration for such shares may be directed to the office of the depositary, CIBC Mellon Trust Company, at 416-643-5500 or toll free at 800-387-0825 or by email at inquiries@cibcmellon.com. Non-registered shareholders should contact their broker or other intermediary for details.

De-listing of the common shares from the Toronto Stock Exchange and the New York Stock Exchange is expected to occur shortly.