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.