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PTT looking for more partners for Ohio ethane cracker, casts doubts on project

HOUSTON, November 18, 2016 (PCW) – Thailand’s PTT Global on Friday said it is looking for more partners for its joint-venture ethane cracker in Ohio with Japan’s Marubeni, but also struck a note of caution over “economic uncertainty” and the US government’s energy and investment policies .

In an analyst presentation on Friday, the company noted it would proceed with “due diligence with potential partners” in December. PTT added it plans to remain the majority investor in the project.

It also noted, however, that “economic uncertainty and new consideration from [the] reviewing of US government in fossil fuels, shale gas and alternative energy policy might alter the prospect of supply volume and price structure of shale gas as well as investment incentive,” casting some doubts over the whether the project would move forward.

In its recent earnings release this week, the company stated that feasibility studies had been commissioned to analyze various market conditions and specific projects in the United States and Asia.

In May, PTT delayed its final investment decision on the project to next year, from the end of this year.

The estimated cost of the project is $5.7 billion. The complex will produce 1 million mt/yr of ethylene (2.2 billion lbs/yr), 700,000 mt/yr of HDPE, 500,000 mt/yr of monoethylene glycol and 100,000 mt/yr of ethylene oxide. Should the project go forward, it would come online post-2020. -- Samantha Hartke

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