The Intelligencer. Wheeling News-Register
Joined by PTTGC executives, Governor John R. Kasich today welcomed Daelim Industrial to Ohio. South Korean-based Daelim, through its American subsidiary, is joining with PTTGC’s American subsidiary on a feasibility study for a petrochemical ethane cracker complex in Belmont County that will transform the Ohio Valley and the statewide economy. Although a final investment decision on the project has not yet been made, PTTGC America already has invested more than $100 million on the project in preparation for the proposed plan.
“It’s great to see these two world-class companies coming together to develop an exciting 21st Century industry that will dramatically transform Ohio,” Kasich said. “Building this massive ethane cracker plant here will be a game changer, not only for Eastern Ohio, but for the entire state as it will create so many new opportunities for economic development. Today’s announcement is an encouraging step forward for this project and that’s good news for Ohio families.”
The collaboration with Daelim brings plans for a larger plant, more jobs and more investment than what was originally anticipated when PTTGC America first announced its result of feasibility study in 2015. Production is now estimated at 1.5 million metric tons per year, which are at least 500,000 metric tons per year more than was previously anticipated. The plant will result in more capital investment and more jobs.
“The investment plans include significantly more ethylene output at a larger facility that would have a greater economic impact throughout the state for decades to come,” said John Minor, JobsOhio president and chief Investment officer. “Ohio has the energy resources and attractive business climate, and now this potential joint venture between two world-class companies.”
PTTGC America and Daelim also are on track to acquire the property needed for the project. Once the companies close on the purchase of a 300-acre parcel, targeting in April, the companies will own almost 500 acres of needed land to build the complex. PTTGC America and Daelim hope to make a final investment decision on the project by the end of the year.
The Board of Directors of PTTGC America LLC (PTTGCA), approved the execution of an agreement between PTTGCA and a subsidiary of Daelim Industrial Co., Ltd., a leading Korean construction and chemical company, to conduct a feasibility study and secure funding for the development of a petrochemical complex in Belmont County, Ohio. If constructed, the project will be capable of producing ethylene and its derivative with 1.5 metric tons per annum.
The Ohio petrochemical project has been developing since 2015. As PTTGCA continues to solicit strategic partners, there are multiple interests from international investors, including Daelim, to participate. The final investment decision is expected to be made by the end of 2018.
Daelim is a leading player in construction, with experience over 70 years and petrochemical businesses, with experience over 40 years, having the ethylene production capacity of 1.95 metric tons per annum.
MOU Establishes collaboration for development program to improve quality of life for communities in Belmont County, Ohio
October 3, 2017
Washington, D.C. – Mr. Supattanapong Punmeechaow, President and Chief Executive Officer of PTT Global Chemical Public Company Limited, Thailand’s largest integrated petrochemical company, joined a Thai business delegation accompanying Thailand’s Prime Minister Prayut Chan-o-cha during his official visit to the United States.
During the visit, Mr. Punmeechaow attended the signing ceremony of a Memorandum of Understanding between Mr. Toasaporn Boonyapipat, President and Chief Executive Officer of PTTGC America, and Mr. John Minor, President and Chief Investment Officer of JobsOhio, an investment promotion agency of the State of Ohio. Under the MOU, the two parties will jointly establish a community infrastructure development plan to enhance the well-being and quality of life for the communities in the area surrounding PTTGC America’s planned petrochemical complex in Belmont County, Ohio, after the Final Investment Decision.
PTTGC America, a subsidiary company of Thailand’s PTT Global Chemical Public Company Limited, continues to make significant progress on the petrochemical complex development project. The company has conducted the front-end engineering design for the complex over the past two years to help determine the project’s feasibility. At this stage, an economic evaluation and further engineering work are underway. PTTGC America considers this process to be a critical pathway for the project’s success and is committing the resources needed to ensure that all technical and economic criteria are met before making its final investment decision for the project.
PTTGC America’s substantial investment in the petrochemical complex project will create thousands of construction jobs, provide hundreds of full-time jobs, and bring sustainable socio-economic benefits to nearby communities, the surrounding region, and the State of Ohio.
The following may be attributed to Toasaporn Boonyapipat, President and CEO, PTTGC America LLC:
As PTTGC America LLC continues to make significant progress on the feasibility evaluation of a petrochemical complex development project in Ohio, it is important to us that we update all of our partners and the Belmont County community regarding our project timeline. We now anticipate reaching a final investment decision in late 2017, which is several months later than we originally announced.
Over the past two years, PTTGC America has been working with two engineering, procurement and construction contractors to complete the engineering design work of the complex. Upon receipt of their initial plans, we recognized a need for further discussions with each of them so that we will be in a stronger position to make our decision on the engineering design and the economic feasibility of this project. We expect this process to take several additional months, delaying PTTGC America’s ability to reach a final investment decision. For some in the Belmont County community, especially the project area residents, we recognize this delay may cause further uncertainty and inconvenience, but we hope that the strong support we have received to date will continue.
PTTGC America considers this process to be critical to the success of the project. We are committed to utilizing all of our resources in order to ensure that all technical and economic criteria are met. PTTGC America realizes the significance of the development of the project, as it would create thousands of construction jobs, hundreds of full-time jobs and substantial investments that will provide lasting socio-economic benefits to nearby communities, the State of Ohio and the entire region.
To date, we have made good progress on the development of the project. A number of commercial arrangements have been prepared with various parties, including feedstock and utility suppliers, product marketers and logistics providers. We have already received three environmental permits in conjunction with the site preparation that has been progressing. In addition, with the strong support of JobsOhio, FirstEnergy and Ohio/West Virginia Excavating Co., significant site preparation has been completed over the past year, including environmental remediation and the demolition of the FirstEnergy Burger Power Plant. And, we continue to have fruitful meetings and discussions with community leaders and residents of the project area.
PTTGC America wishes to express our sincere gratitude to the State of Ohio, Gov. John Kasich and his administration, JobsOhio, the state legislature, U.S. Rep. Bill Johnson and the state’s entire congressional delegation, Ohio Environmental Protection Agency, Ohio Department of Natural Resources, U.S. Army Corps of Engineers, Belmont County, Mead Township, Dilles Bottom residents and all other individuals who have worked with us on the petrochemical complex development project. All have made an enormous impression on us with their enthusiasm and support of the project.
Finally, PTTGC America would like to emphasize our full willingness and desire to further develop this project. We believe that this added step will lead to a sufficient level of information needed in order to move forward with the complex. We greatly appreciate the continuous support of all who are working to make this project happen.
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The Intelligencer/Wheeling News Register
The Intelligencer/Wheeling News Register
The Intelligencer/Wheeling News Register