August 26, 2021 Read More →

PTTGC Ohio complex remains on indefinite hold, awaiting new partner

S&P Global Platts ($):

PTTGC America’s final investment decision on a new petrochemical complex in southeast Ohio remains on indefinite hold until the company secures a new partner in the project, the company said in an email Aug. 25.

“PTTGCA is currently focused on securing a partner for the project,” the email said. “Once there is a partner in place, the company will be in a position to reach FID.”

In July 2020, the company announced it had struck a deal with Energy Storage Ventures to develop a $250 million natural gas liquids storage and transportation facility for the proposed complex. The facility would be the first underground NGL storage site in the Marcellus and Utica shale formations.

Shortly before PTTGCA announced the storage deal, the company said that its former partner in the petrochemical complex, South Korea’s Daelim, had withdrawn from the project.

Daelim had signed on to the project in February 2018, and the companies had planned a final investment decision, or FID, by the end of that year. More recently, the company had aimed FID by early 2020, but COVID-19 related delays pushed that to early 2021 and then without a new target date until a partner is secured.

[Kristen Hays]

More: PTTGC America’s Ohio complex on hold until new partner secured

Comments are closed.