Austria’s Borealis and Canada’s Nova Chemicals, both subsidiaries of UAE investment house Mubadala – and both acquired in Mubadala’s takeover of fellow state fund IPIC – are partners in a joint venture led by France’s Total which plans to build a petrochemicals complex in Texas.

Total has 50% of the JV, with Borealis and Nova splitting the remainder. Total says a final investment decision, which would see the establishment of the JV will be taken late...