PTTGCA’s Parent Company No. 1 in the World for Sustainability

GC, the Bangkok-based parent company of PTTGC America, has been recognized for its efforts around environmental protection by two prominent international organizations. The Dow Jones Sustainability Index (DJSI) has rated GC No. 1 in the world for sustainability in the chemicals sector for the second consecutive year in a row and ranked GC among the top 10 companies in the DJSI World Indices and DJSI Emerging Markets Index for the eighth consecutive year. GC is also the first and only Thai-owned conglomerate to achieve the highest score in the 2020 annual environmental disclosure of the Carbon Disclosure Project (CDP). GC was awarded the leadership level top “A” grade for best-practice initiatives in both climate change and water security in CDP’s prestigious corporate sustainability standards.

The DJSI was jointly established by the S&P Dow Jones Indices and the SAM Corporate Sustainability Assessment and serves as an index to evaluate expertise in sustainable development of leading globally listed companies. CDP, a nonprofit organization recognized as the largest online data source for greenhouse gases, uses a scoring methodology ranging from A to D-; the average score for companies in Asia and for chemical companies is D. GC is Thailand’s first and only company to have received a score of A in the assessment. The CDP and DJSI rankings reflect GC’s commitment to applying a sustainable approach to driving its business by balancing three dimensions: the economy, environment and society under its principles of good corporate governance.

GC CEO Dr. Kongkrapan Intarajang said that the company is committed to operating as a sustainable organization and taking on a pivotal role in mitigating the impacts of climate change while transitioning to a low-carbon community in support of the Paris Agreement and the United Nations Sustainable Development Goals. GC is taking a leading role responding to climate change through its pledge to reduce greenhouse gas emissions by 20% in 2030 from the base year of 2012. By establishing comprehensive water management goals, both internally and externally, GC will ensure that its operations are accountable and that it maintains its leadership position in sustainability at the international level.

 

 

Ohio Project Remains Top Priority for PTTGCA

The proposed world-scale petrochemical complex in the Ohio River Valley remains the top priority of PTTGC America (PTTGCA). PTTGCA is working to move the project forward, continuing to invest its time and resources with the goal of creating thousands of jobs and transforming the regional economic landscape. The project has not at any point been put on hold. PTTGCA looks forward to making announcements of the project’s progression in the weeks and months ahead.

PTTGCA, Range Resources Sign Long-Term Ethane Feedstock Agreement

PTTGC America LLC (PTTGCA), the U.S. subsidiary of PTT Global Chemical Public Company Limited, a leading integrated petrochemical and refining company based in Thailand, announced today that it has signed a long-term ethane feedstock agreement with Range Resources – Appalachia LLC, a leading producer of natural gas and natural gas liquids based in western Pennsylvania.

Under this ethane agreement, Range will provide 15,000 Barrels per day of ethane as feedstock for PTTGCA’s planned ethane cracker and petrochemical complex along the Ohio River in Ohio’s Belmont County. The ethane supplied by Range will be utilized by PTTGCA to manufacture polyethylene, one of the key resins used to produce plastics products. Throughout the COVID-19 pandemic, plastic materials have helped protect the public health, especially in the medical and food industries. This agreement is predicated upon PTTGCA reaching a final investment decision on the Ohio Petrochemical Project.

“This agreement will provide the ethane needed for the operation of this project,” said PTTGCA President and CEO Toasaporn Boonyapipat. “Range Resources is another example of the outstanding partners we are bringing together to make this world-scale petrochemical complex a reality. We deeply appreciate the continued support we have received from our federal, state and local partners.”

“We are very pleased to partner with PTTGCA to help support a world-class project in Appalachia.  This further demonstrates our commitment to investing in our community, while growing regional demand for our products,” said Jeff Ventura, CEO and president of Range Resources.  “This project is a great example of what is possible with a multi-decade asset base and forward-thinking teams working together to create value for all stakeholders.”

The PTTGCA Ohio petrochemical complex, once constructed, will be one of the largest manufacturing investments in Ohio.  The project, which will include world-scale chemical manufacturing facilities to produce finished plastic resin, will be capable of producing 1.6 million metric tonnes of polyethylene plastic resin, which is used to make the myriad of plastic products that are necessary to use every day. This facility is expected to create hundreds of highly paid full-time jobs, thousands of construction jobs over the five year period of construction The project’s investment  and high-paying, full-time jobs would have a very positive and transformational impact on the local, regional and state economy and quality of life.

PTTGCA, Mountaineer NGL Storage Execute Precedent Agreement for NGL Storage and Transportation

PTTGC America (PTTGCA) today announced the execution of a precedent agreement with Energy Storage Ventures LLC through its wholly owned subsidiary Mountaineer NGL Storage that will provide certain necessary infrastructure for a proposed petrochemical complex in the Ohio Valley. The precedent agreement outlines the terms and conditions for the development of a natural gas liquids (NGL) storage facility that will provide storage and transportation services for the proposed PTTGCA complex. The facility will be the first underground NGL storage site in the heart of the Marcellus and Utica shale formation.

Mountaineer will develop the underground salt caverns for NGL storage on a 200-acre site in Ohio’s Monroe County. The site, owned and operated by Mountaineer, is located approximately 8 miles south of the PTTGCA project site in Dilles Bottom. PTTGCA is working with Mountaineer on 1 million barrels of ethane storage and a pipeline that will link the storage facility to the project.

“Ethane storage and transportation will be a crucial element of a world-scale petrochemical complex,” said PTTGCA President and CEO Toasaporn Boonyapipat. “Mountaineer NGL Storage will provide essential infrastructure and capabilities to our project. Our impending partnership with this first-rate organization brings us one step closer to a final investment decision. We deeply appreciate all the support we have received from our federal, state and local partners, including Belmont and Monroe counties, which have brought us to this point.”

“We are pleased to partner with PTTGCA as it works toward the development of the second petrochemical plant to be located in the Ohio River Valley,” said David Hooker, President of Mountaineer NGL Storage. “Our storage facility will have an important role in managing the plant’s supply portfolio, along with offering PTTGCA and other prospective customers an option to manage seasonal and operational demand with competitive locally priced production. The PTTGCA team has been great to work with, and we look forward to a long and successful relationship.”

The $250 million storage facility will be developed in two phases by creating multiple caverns in the existing underground salt formation. Each cavern will be capable of storing approximately 500,000 barrels of NGLs, including propane, butane, ethane and ethylene. Mountaineer has obtained all required permits to begin construction of Phase 1 of the project – approximately 1.5 million barrels – which will take two to three years to complete. An additional 1.5 million barrels is planned for Phase 2, which will bring the total capacity to approximately 3 million barrels. Additional expansion capabilities are available, subject to market demand. With the support of the State of Ohio and the local community in Monroe County, the Mountaineer project will set new standards for safely building and operating am NGL storage facility.

 

 

PTTGCA Moves Forward on Ohio Petrochemical Project as Daelim Withdraws

PTTGC America President and CEO Toasaporn Boonyapipat made the following statement today in reference to the withdrawal of Daelim Chemical USA from the PTTGCA Ohio petrochemical project:

“The Ohio petrochemical facility continues to be a top priority for PTTGC America. We are in the process of seeking a new partner whilst working toward a final investment decision. We look forward to making an announcement by the end of this year or early next year on this transformative project for the Ohio Valley Region. We wish Daelim well and appreciate its contributions to our effort.”

 

The following is a joint statement from PTTGCA and Daelim Chemical USA:

The COVID-19 pandemic and recent oil price volatility have caused significant impacts on businesses around the world. As a result of these factors, the Ohio Petrochemical Complex Project (the “Project”) being developed by PTTGC America LLC (“PTTGCA”) and Daelim Chemical USA LLC (”DCA”) is expected to encounter a delay of about six to nine months compared to the previously announced timeline. PTTGCA and DCA continue to take necessary actions to safeguard the health and safety of employees and to ensure business continuity.

Under this market situation, PTTGCA and DCA have been assessing the impact for major investment projects to ensure that our portfolio is well positioned for the future of petrochemical Industry. While we continue to believe in the long-term strategic importance of this Project, DCA has taken the difficult but necessary decision to withdraw as equity partner from the Project.

Despite DCA’s withdrawal, PTTGCA intends to continue to developing the Project and is currently in the process of seeking new potential partners with DCA’s support during the transition.

PTTGCA sincerely appreciates DCA’s contributions to the Project over the past two years, and the parties intend to continue working together, both on successfully transitioning DCA’s stake in the Project, as well as on other business opportunities.