United States
Securities and Exchange CommissionWashington, D.C. 20549

FORM 40-F

|[Check one] |                                                                                        
|----------- | ---------------------------------------------------------------------------------------
|o           | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934   
|OR         
|ý           | ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

|For the fiscal year ended December 31, 2006 |  | Commission File Number 1-13064
|------------------------------------------- |  | ------------------------------

NOVA Chemicals Corporation(Exact name of Registrant as specified in its charter)

N/A(Translation of Registrant's name into English (if applicable))

Canada(Province or other jurisdiction of incorporation or organization)

None(Primary Standard Industrial Classification Code Number (if applicable))

None(I.R.S. Employer Identification Number (if applicable))

1000 - 7th Avenue S.W., Calgary, Alberta, Canada T2P 5L5 (403) 750-3600(Address and telephone number of Registrant's principal executive offices)

NOVA Chemicals Inc., 1550 Coraopolis Heights Road, Moon Township, Pennsylvania, 15108
Attn: J.M. Lipton, President (412) 490-4000(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities
registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class

Name of each exchange on which registeredCommon Shares of no par value

New York Stock Exchange


Securities registered or to be registered pursuant to Section 12(g) of the Act.

None(Title of Class)

Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None(Title of Class)

For
annual reports, indicate by check mark the information filed with this Form:

|ý |  | Annual information form |  | ý |  | Audited annual financial statements and related schedules
|- |  | ----------------------- |  | - |  | ---------------------------------------------------------

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the
annual report.

As
of December 31, 2006: 82,561,272 Common Shares were outstanding.

Indicate
by check mark whether the Registrant by filing the information contained in this form is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the "Exchange Act"). If "Yes" is marked, indicate the file number assigned to the Registrant in connection with such Rule.

Yes    o

82-

No    ý


Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange
Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past
90 days.

Yes    ý



No    o


The documents (or portions thereof) forming part of this Form 40-F are incorporated by reference into the following registration
statements under the Securities Act of 1933, as amended:

Registration
Statement on Form S-8 #33-47673
                Registration Statement on Form S-8 #333-520
                Registration Statement on Form S-8 #333-9076
                Registration Statement on Form S-8 #333-9078
                Registration Statement on Form S-8 #33-86218
                Registration Statement on Form S-8 #33-77308
                Registration Statement on Form S-8 #333-11280
                Registration Statement on Form S-8 #333-12910
                Registration Statement on Form S-8 #333-101793
                Registration Statement on Form S-8 #333-109424



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UNDERTAKING AND EXHIBITS

A.    Undertaking

Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly,
when requested to do so by the Commission staff, information relating to the securities in relation to which the obligation to file an annual report on Form 40-F arises or to
transactions in said securities.

B.    Exhibits

Attached hereto are:

99.1

Annual Information Form99.2

Audited consolidated financial statements and related schedules99.3

Management's Discussion & Analysis99.4

Consent of Ernst & Young LLP99.5

CEO and CFO Certifications99.6

Certification of principal executive officer pursuant to 18 U.S.C. § 135099.7

Certification of principal financial officer pursuant to 18 U.S.C. § 1350


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CONTROLS AND PROCEDURES

Scope of Management's Report on Internal Control Over Financial Reporting.Our audited consolidated financial statements
include the accounts of NOVA Innovene, our 50:50 joint venture with INEOS, via proportionate consolidation in accordance with Canadian GAAP. Our management has been unable to assess the effectiveness
of internal control within NOVA Innovene due to the fact that NOVA Chemicals does not have the ability to dictate or modify the controls of NOVA Innovene and does not have the ability, in practice, to
assess those controls. Our management's conclusion regarding the effectiveness of internal controls does not extend to the internal controls of NOVA Innovene.

Management's Annual Report on Internal Control Over Financial Reporting.The report of management on our internal control
over financial reporting is located under the heading "Management's Annual Report on Internal Control Over Financial Reporting" in our audited consolidated financial statements, which are filed as
Exhibit 99.2 to this annual report on Form 40-F and is incorporated by reference herein.

Attestation Report of the Registered Public Accounting Firm.The attestation report on management's assessment of our
internal control over financial reporting is located under the heading "Independent Auditor's Report on Internal Controls" in our audited consolidated financial statements, which are filed as
Exhibit 99.2 to this annual report on Form 40-F and is incorporated by reference herein.

Evaluation of Disclosure Controls and Procedures.Based on our management's evaluation (with the participation of our
principal executive officer and principal financial officer), as of December 31, 2006, our principal executive officer and principal financial officer have concluded that our disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), are effective to ensure
that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities
and Exchange Commission rules and forms.

In
response to a comment letter from the Securities and Exchange Commission related to our annual report on Form 40-F for the year ended December 31, 2005, we
increased the number of our reportable segments in the current period from three business segments plus corporate to seven business segments plus corporate and restated the segmented disclosures of
prior periods to be consistent with the number of segments in the current year. Management, including our principal executive officer and principal financial officer, has re-evaluated our
disclosure controls and procedures at December 31, 2005 to determine whether the restatement changes their prior conclusion. Management has determined that it does not change their prior
conclusion that, as at December 31, 2005, our disclosure controls and procedures were effective. The restatement represents a change in judgment under current practice as to the application of
Statement of Financial Accounting Standards No. 131. Management believes that it had a reasonable basis for its original segment presentation. The restatement only affected segmented
disclosures and there is no effect on the financial position, results of operations, or cash flows of the prior periods.

Changes in Internal Controls.There were no changes in our internal control over financial reporting identified in connection
with the above evaluation that occurred during the period covered by this annual report on Form 40-F that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting. Management has determined that no change in internal control over financial reporting is necessary due to the change in the number of reportable segments
described above.

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AUDIT COMMITTEE FINANCIAL EXPERT

The information required by Item 8 of General Instruction B is located under the heading "Committees of the Board" in the Management Proxy Circular dated
February 8, 2007, which is filed as an exhibit to our Report on Form 6-K dated March 1, 2007 and is incorporated by reference herein.

CODE OF ETHICS

We have adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or
persons performing similar functions. You can view our Code of Ethics for CEO and Senior Financial Officers on the Corporate Governance page on our website at http://www.novachemicals.com/governance.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 10 of General Instruction B is located under the headings "Fees Billed by Ernst & Young LLP" and "Additional Information
Relating to the Audit, Finance and Risk Committee" in the Management Proxy Circular dated February 8, 2007, which is filed as an exhibit to our Report on Form 6-K dated
March 1, 2007 and is incorporated by reference herein.

OFF-BALANCE SHEET ARRANGEMENTS

The information required by Item 11 of General Instruction B is located under the heading "Off-Balance Sheet Accounts Receivable Securitization
Programs" in Management's Discussion & Analysis, which is filed as Exhibit 99.3 to this annual report on Form 40-F and is incorporated by reference herein.

CONTRACTUAL OBLIGATIONS

The information required by Item 12 of General Instruction B is located under the heading "Contractual Cash Obligations" in Management's Discussion &
Analysis, which is filed as Exhibit 99.3 to this annual report on Form 40-F and is incorporated by reference herein.

AUDIT COMMITTEE

The information required by Item 14 of General Instruction B is located under the heading "Committees of the Board" in the Management Proxy Circular dated
February 8, 2007, which is filed as an exhibit to our Report on Form 6-K dated March 1, 2007 and is incorporated by reference herein.

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and
has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

|Registrant     |  | NOVA Chemicals Corporation                                                        
|-------------- |  | ----------------------------------------------------------------------------------
|By (Signature) |  | /s/JACK S. MUSTOE                                                                 
|Name and Title |  | Jack S. Mustoe, Senior Vice-President, Chief Legal Officer and Corporate Secretary
|Date           |  | March 1, 2007                                                                     

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