NOVA Chemicals Announces Agreement to Purchase and Transport Ethane Supply from Williston Basin for its Joffre Petrochemical Complex

CALGARY, Alberta--(Business Wire)--
NOVA Chemicals today announced that it signed a memorandum of understanding
(MOU) with Hess Corporation (Hess) and Mistral Energy Inc. (Mistral) to purchase
and transport ethane production from Hess` Tioga Gas Plant in North Dakota via a
proposed pipeline to Alberta, Canada. NOVA Chemicals will purchase 100 percent
of the ethane produced at the Tioga Gas Plant under a long term arrangement.

"This is an exciting opportunity for NOVA Chemicals and Alberta, as it is the
first time liquids from the Williston Basin will flow north and tie into
existing Alberta infrastructure," said Randy Woelfel, Chief Executive Officer.
"We also expect to have opportunities to work with other producers in the basin
to move additional ethane volume."

Hess is one of the largest lease holders in the Williston Basin and has an
aggressive drilling program planned over the next several years. Mistral will
design, construct, own and operate the proposed Vantage Pipeline to transport
ethane from Hess` Tioga Gas Plant into the existing Alberta infrastructure.

The initial pipeline capacity is planned to be approximately 45,000 barrels per
day of ethane and will be expandable to approximately 60,000 barrels per day to
handle future ethane supply from Williston Basin producers. The pipeline is
expected to startup in the third quarter of 2012 and is subject to receipt of
customary regulatory and other approvals.

This arrangement is one of several projects NOVA Chemicals is working on to
complement traditional ethane supply sources in Alberta for consumption at its
Joffre petrochemical complex.

About NOVA Chemicals Corporation

NOVA Chemicals develops and manufactures chemicals, plastic resins and
end-products that make everyday life safer, healthier and easier. Our employees
work to ensure health, safety, security and environmental stewardship through
our commitment to sustainability and Responsible Care. NOVA Chemicals,
headquartered in Calgary, Alberta, Canada, is a wholly owned subsidiary of The
International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi.
Visit NOVA Chemicals on the Internet at www.novachemicals.com.

About Hess Corporation

Hess Corporation is a global integrated energy company engaged in the
exploration and production of crude oil and natural gas, as well as the refining
and marketing of petroleum products, natural gas and electricity.
http://hess.com/default.aspx

About Vantage Pipeline

Vantage Pipeline is an affiliate of Mistral Energy Inc., a private company based
in Calgary, Alberta, dedicated to building, owning and operating energy
infrastructure assets in Western Canada with a focus on natural gas, natural gas
liquids, and power generation. Introductory information regarding the Vantage
Pipeline Project can be found at www.vantagepipeline.com.

Responsible Care is a registered trademark of the Chemistry Industry Association
of Canada (CIAC) in Canada and is a registered service mark of the American
Chemistry Council (ACC) in the United States.

Forward looking information: This news release contains forward-looking
information, including statements regarding the planned capacity and startup
date of the pipeline to transport ethane from Hess` Tioga Gas Plant into the
existing Alberta infrastructure. By its nature, forward-looking information
requires NOVA Chemicals to make assumptions and is subject to inherent risks and
uncertainties. 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 information are detailed in the publicly filed disclosure
documents and securities commissions` reports of NOVA Chemicals. NOVA Chemicals'
forward-looking information is expressly qualified in its entirety by this
cautionary statement. In addition, the forward-looking information is 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 this forward-looking
information to reflect new information, subsequent events or otherwise.

NOVA Chemicals Corporation
Media inquiries, please contact:
Wendy Lomicka, Director, Corporate Communications, 412-490-4292
E-mail: lomickaw@novachem.com

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