Construction of a joint European production base is being considered by the Borealis petrochemical group and Huntsman of America.
Based in Copenhagen and owned 50 per cent by Statoil, Borealis concluded a two-year marketing agreement earlier this week with Huntsman.
The latter ranks as the largest privately-owned chemicals company in the USA.
"No decision has been taken on where a possible production facility might lie or when it would start up," says Marc Van Aperen, media relations manager in Borealis.
He reports that the group, which ranks as Europe's largest polyolefins producer, has already begun to market Huntsman's Reflex-FPO flexible polyolefin products in Europe.
This propylene-based polymer has a number of applications in such areas as the medical and hygiene sectors, flexible packaging, electrical goods and car manufacturing.
Statoil's fellow shareholders in Borealis are the Austrian OMV oil and gas company and Abu Dhabi's International Petroleum Investment Company (Ipic), with 25 per cent each.