Planned petrochemical project in Ohio may be on the ropes with departure of South Korean partner

first_imgPlanned petrochemical project in Ohio may be on the ropes with departure of South Korean partner FacebookTwitterLinkedInEmailPrint分享Associated Press:The prospects for construction of a multibillion-dollar petrochemical plant in Ohio appear to have dimmed after a U.S. subsidiary of a South Korean company announced it was withdrawing as a partner in the project.A joint statement issued early Tuesday by Daelim Chemical USA and the U.S. subsidiary of Thailand’s PTT Global Chemical cited the impacts of the COVID-19 pandemic and oil price volatility for yet another delay in deciding whether the plant along the Ohio River would be built.PTT Global Chemical America President and CEO Toasaporn Boonyapipat in a separate statement said the project remains a “top priority” as the company searches for a new equity partner and works toward “a final investment decision.”The plant would convert — crack — molecules of ethane, a byproduct of natural gas drilling, into raw materials used to manufacture plastic and other products.PTTGCA announced its partnership with Daelim in March 2018. A PTTGCA spokesman said Tuesday that the company has thus far spent around $200 million on engineering and planning.JobsOhio, the state’s private nonprofit economic development arm, has contributed just over $70 million, including a $20 million grant in February to be paid directly to Bechtel Corp. to complete site engineering and site preparation at the site in Belmont County.[Mark Gillispie]More: South Korean firm quits petrochemical plant effort in Ohiolast_img

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