Williams Partners LP said on Monday it would sell its stake in a unit that owns 88.46 per cent of an olefins plant in Louisiana to Nova Chemicals for $2.1-billion in cash, as part of the pipeline operator’s efforts to focus on natural gas. * Williams partners agrees to sell its interests in the Geismar Olefins Facility to Nova Chemicals for $2.1 billion; announces long-term feedstock supply and transportation agreements with Nova Chemicals

* Says proceeds to be used to pay down debt and pre-fund capital investments

* Plans to use cash proceeds from Williams Olefins transaction to pay off its $850 million term loan

* Expects for federal tax purposes, any taxable gain generated from transaction will be sheltered by net operating loss carry-forwards

* Says Morgan Stanley & Co acted as lead financial adviser to Williams Partners on transaction

* Units to enter long-term supply, transportation agreements with Nova Chemicals to provide feedstock to Geismar Olefins plant Source text for Eikon: Further company coverage:

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American pipeline operator Williams Partners has agreed to sell an olefins plant in Louisiana to Canadian chemical company Nova Chemicals for $2.1 billion.