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.