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.