Brussels, 04/07/2005 (Agence Europe) - The European Commission has authorised plans for a joint company between the British group BP and the Canadian company Nova Chemicals. The new company, which will be known as Nova Innovene, will bring together the activities of both parties in the polystyrene and expansible polystyrene sector. It will be held equally by both groups. BP carries out multinational activities in the field of prospecting and production of oil and gas, refineries, the sales and transportation of oil and gas, the production and sales of petrochemical and related products, and the development of gas power stations. Nova Chemicals is a raw chemical product company which carries out its main activities via two divisions. The operation will not significantly hinder competition in the European Economic Area (EEA), the Commission found, having observed no problems of competition, either horizontally or vertically.