PTT Global Chemical, a subsidiary of PTT Group, is allocating $5 billion for its next investment in Ohio.
Chief Executive Kongkrapan Intarajang said the company is on track to make a final decision on the U.S. project by mid-2020. The process is moving as planned, including approval from U.S. authorities, environmental assessments and the choice of a construction company, the CEO said.
Since mid-2019, the company’s contractors have been engaged in site preparation, engineering and design work to prepare for the possible petrochemical complex in the Ohio Valley. The first phase of this work has been successfully completed, and activity on the site will be significantly reduced for the next two or three months as the company works toward finalizing project financing and supply agreements.
“We will begin the next phase of this project closer to our final investment decision, which we anticipate will come in the first half of this year,” Intarajang said. “We thank JobsOhio, Governor Mike DeWine, Lieutenant Governor Jon Husted and the local officials of Belmont County for their continued support, and we deeply appreciate the enthusiasm and the patience of the Ohio Valley community throughout this process.”
Kongkrapan said PTTGC's petrochemical complex will be on a 500-acre site in Ohio, where the Thai company has a 50-50 joint venture with South Korean petrochemical maker Daelim Industrial.
PTTGC plans to produce specialty plastics and other petrochemical products geared for the auto parts and electronics industries.
Plans call for completing the complex by late 2025, with commercial operation to begin in early 2026, he added.
