July 16, 2020 Read More →

Ohio Valley ethane cracker project suffers blow from Daelim withdrawal

Ohio Valley ReSource:

Daelim Chemical USA, a major investment partner in a proposed ethane cracker plant in Belmont County, Ohio, announced on Tuesday that it is exiting the project. 

In a joint statement with PTTGC America LLC, the Thailand-based company driving the project in the Ohio Valley, an executive said that despite Daelim’s withdrawal, the project remains a “top priority.” 

“We are in the process of seeking a new partner whilst working toward a final investment decision,” the head of PTTGC America, Toasaporn Boonyapipat, said. “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.”

A recent report by the Trump administration found expanding the Ohio Valley’s petrochemical industry could be an unprecedented source of economic opportunity and growth when the county, and region, eventually emerge from the COVID-19 pandemic. 

However, recent analysis by the Institute for Energy Economics and Financial Analysis, a think tank whose mission is to accelerate the transition to a diverse and sustainable energy economy, found changing market conditions, exacerbated further by the coronavirus pandemic, call into question the economic viability of petrochemical investments in the Ohio Valley, including Shell’s Monaca cracker plant, currently under construction near Pittsburgh in Beaver County, Pennsylvania. 

[Brittany Patterson]

More: Investor Pulls Out of Proposed Ohio Cracker Plant

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