NOVA Chemicals and Aux Sable Reach Agreement on Alberta Ethane Extraction Plant



    PITTSBURGH, March 21 /CNW/ - NOVA Chemicals Corporation
(NYSE:  NCX)(TSX:NCX)("NOVA Chemicals") today announced that the company has
signed a letter of intent with Aux Sable Canada Ltd. ("ASC") to develop an
ethane extraction plant in Fort Saskatchewan, Alberta that would process
natural gas from the Alliance Pipeline. ASC and NOVA Chemicals will work
together to develop the project, which will be owned and operated by ASC and
is expected to begin operating in mid-2010.

    The extraction plant will have the capacity to process as much as 1.2
billion cubic feet of natural gas per day and will produce approximately
40,000 barrels per day of ethane. The extraction plant will be located on land
owned by ASC in Fort Saskatchewan, adjacent to the site of ASC's Heartland
Offgas Plant. Ethane will be delivered via pipeline to NOVA Chemicals' Joffre,
Alberta, petrochemical complex for use as a feedstock in the production of
ethylene.

    "Maintaining and extending the Alberta Advantage for production of
ethylene is fundamental to the long-term viability of the petrochemical
industry in the province," said Jeffrey M. Lipton, President and CEO of NOVA
Chemicals. "By increasing the recovery of ethane currently being exported from
the province, this project will help position NOVA Chemicals and the rest of
the Alberta petrochemical industry for future growth."

    "This is an important next step in Aux Sable Canada's strategy to be a
leader in fee-for-service processing in the Fort Saskatchewan area. We are
excited about the opportunity to grow our Fort Saskatchewan facilities and to
play an increasing role in the Government of Alberta's vision of value-added
resource processing in the province," said W. J. (Bill) McAdam, President and
CEO of ASC.

    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. Visit NOVA
Chemicals on the Internet at www.novachemicals.com.

    ASC and its U.S. affiliate, Aux Sable Liquid Products L.P. ("Aux Sable"),
are owned by Enbridge Inc. (ENB), Fort Chicago Energy Partners L.P. (FCE-UN)
and Williams (WMB). Aux Sable intends to leverage its position as a
significant player in the natural gas processing and natural gas liquids
businesses through fee-based infrastructure investments. ASC is headquartered
in Calgary, Alberta.

    Forward-Looking Information

    The information in this news release contains forward-looking statements,
including statements regarding: the expected date that the ethane extraction
plant will begin operations; the extraction plant's capacity to process as
much as 1.2 billion cubic feet of natural gas per day and produce
approximately 40,000 barrels per day of ethane; and NOVA Chemicals' belief
that this project will help position NOVA Chemicals and the rest of the
Alberta petrochemical industry for future growth. 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, please contact:
Stephanie Franken, 412-490-4292 Manager, Public Affairs E-mail:
frankes@novachem.com OR Aux Sable Canada Ltd. inquiries, please contact: Tim
Stauft, 403-508-5868 Executive Vice President E-mail: tim.stauft@auxsable.com
www.auxsable.com

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NOVA CHEMICALS CORPORATION

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