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PTTGC moves final decision on Ohio cracker to early 2017
HOUSTON, May 4, 2016 (PCW) -- PTT Global Chemical Plc of Thailand expects to finalize plans to develop a petrochemical complex in the US by next year, after a delay caused by falling global oil prices.
The shale-based ethylene cracker is to be based in Belmont County, OH, and will use feedstocks from the Marcellus formation.
The estimated cost of the project is $5.7 billion. The complex will produce 1 million mt/yr of ethylene, 700,000 mt/yr of HDPE, 500,000 mt/yr of monoethylene glycol and 100,000 mt/yr of ethylene oxide.
The partnership agreement of PTTGC and Marubeni is expected to be finalized in early 2017, including the financing and design, according to PTTGC chairman Prasert Bunsumpun.
He commented that completion of the project should take two years, at which point low oil prices should help reduce energy, feedstock and development costs. -- Donna Todd