INEOS NOVA Joint Venture Will Acquire Rights to Sterling Styrene Production



    PITTSBURGH, September 18 /CNW/ - NOVA Chemicals Corporation
(NYSE:  NCX)(TSX:NCX) today announced that it has secured exclusive rights to
the styrene production from Sterling Chemicals Inc.'s Texas City, Texas,
manufacturing facility on behalf of its pending joint venture with INEOS. The
INEOS NOVA joint venture has received U.S. regulatory approval and will be
assigned the rights when the joint venture is operational, which is expected
to be October 1, 2007. The $60 million cost of the transaction will be fully
funded by the INEOS NOVA joint venture from cash on hand.

    "This agreement will allow our joint venture with INEOS to rapidly reduce
costs and optimize production," said Jeffrey M. Lipton, President and Chief
Executive Officer of NOVA Chemicals. "We believe this is a very significant
step that will accelerate a return to financial health for the styrenics
chain."

    Sterling's Texas City facility has 1.7 billion pounds of annual styrene
production capacity, which represents approximately 11% of North American
capacity and 3% of global capacity.

    NOVA Chemicals produces plastics and chemicals that are essential to
everyday life. Our employees develop and manufacture materials for customers
worldwide that produce consumer, industrial and packaging products. NOVA
Chemicals works with a commitment to Responsible Care(R) to ensure effective
health, safety, security and environmental stewardship. Company shares are
traded on the Toronto and New York stock exchanges as NCX.

    Conference Call Information:

    NOVA Chemicals will hold a conference call tomorrow with President and
Chief Executive Officer Jeffrey M. Lipton for analysts, investors and the
media.

    
    Conference Call:   Wednesday, September 19, 2007
                       10:00 a.m. EDT
    Dial-In Number:    (416) 406-6419
    Live Web Cast:     Option 1 -- The webcast link will be available at
                        www.novachemicals.com -- Investor Center -- IR
                        Calendar -- INEOS NOVA JV Update
                    or Option 2 - The webcast can be accessed live at
                        Vcall's www.investorcalendar.com (ticker symbol
                        NCX)
    Audio Replay:      An audio replay will be available at (416) 695-5800
                        (passcode #3234210) through Wednesday, September
                        26, 2007.
    

    Forward-Looking Information

    The information in this news release contains forward-looking statements,
including statements regarding: the planned assignment of the styrene
production from Sterling's Texas City, Texas, manufacturing facility to the
INEOS NOVA joint venture; the expectation that the $60 million cost of the
transaction will be fully funded by the INEOS NOVA joint venture from cash on
hand; the expected date that the INEOS NOVA joint venture will be operational;
and NOVA Chemicals' belief that the agreement with Sterling will allow the
joint venture with INEOS to rapidly reduce costs and optimize production and
that it is a very significant step that will accelerate a return to financial
health for the styrenics chain. By their nature, forward-looking statements
require NOVA Chemicals to make assumptions and are subject to inherent risks
and uncertainties. There is significant risk that predictions, forecasts,
conclusions and projections will not prove to be accurate, that NOVA
Chemicals' assumptions may not be correct and that actual results may differ
materially from such predictions, forecasts, conclusions or projections. Some
of the risks that could affect NOVA Chemicals' future results and could cause
results to differ materially from those expressed in the forward-looking
statements include: uncertainties regarding commodity chemicals price levels
(which depend, among other things, on supply and demand for these products,
capacity utilization and substitution rates between these products and
competing products); feedstock availability and prices; operating costs;
starting up and operating facilities; the impact of competition; uncertainties
associated with the North American, South American, European, and Asian
economies and other risks detailed from time-to-time in the publicly filed
disclosure documents and securities commissions reports of NOVA Chemicals.
NOVA Chemicals' forward-looking statements are expressly qualified in their
entirety by this cautionary statement. In addition, the forward-looking
statements are made only as of the date of this news release, and except as
required by applicable law, NOVA Chemicals undertakes no obligation to
publicly update these forward-looking statements to reflect new information,
subsequent events or otherwise.

    Responsible Care(R) is a registered trademark of the Canadian Chemical
Producers Association (CCPA) in Canada and is a registered service mark of the
American Chemistry Council (ACC) in the United States.




For further information:

For further information: NOVA Chemicals media inquiries: Greg Wilkinson
- Vice President, Public and Government Affairs 412-490-4166 E-mail:
wilkinga@novachem.com or NOVA Chemicals Investor Relations inquiries: Chuck
Magro - Vice President, Investor Relations 412-490-5047 E-mail:
magroc@novachem.com

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NOVA CHEMICALS CORPORATION

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