Nova Information Systems history

In 1967 the United States approved a pipeline that would stretch from the north central United States to eastern Canada, with the potential of bringing billions of dollars in revenue to the gas industry in Alberta.

In an effort to assert itself in this growing marketplace, AGTL announced in 1970 its plans to build a C$1.5 billion Alaskan pipeline.

By the end of 1974, AGTL's net income was C$17.8 million, almost triple its earnings a decade earlier.

In 1975 AGTL began to explore possibilities for producing ethylene, a derivative of natural gas used in plastics.

AGTL's net income in 1977 had grown to nearly US$58 million, and Blair was ready for his biggest move to date--a 35% share purchase in Husky Oil Ltd.

In 1979, AGTL acquired a major share of the stock of Husky Oil Ltd., a prominent gas and oil producer and marketer, through an aggressive and expensive takeover initiative.

With its increased interests in petrochemicals, Nova formed Novacor Chemicals Ltd. in 1981 to manage and operate the plants.

By 1982 a recession, coupled with severe price restrictions and higher taxes from Canada's national energy program, threatened the profitability of Nova's Husky Oil and Alberta Gas Chemicals.

Net income for that year quintupled 1983 income at C$203.4 million.

Blair had to do some quick restructuring to rescue the company; in 1986, after much discussion, Nova took Husky private, retaining a 43% share and transferring 43% to a Hong Kong investment group led by Li Ka-shing, for C$855 million.

In 1987, the company was renamed NOVA Corporation of Alberta.

Debt from this purchase prompted NOVA to sell four of its non-chemical subsidiaries the following year in 1989.

Nova's net income in 1990 was C$185 million, considerably lower than projected, due to volatile prices in the petrochemicals and plastics industries and due to the continuing debt caused by the acquisition of Polysar.