PTTGC to review B200bn Ohio petrochem project
published : 12 Nov 2020 at 04:00
newspaper section: Business
writer: Yuthana Praiwan
PTT Global Chemical Plc (PTTGC), a petrochemical arm of PTT, is reviewing its 200-billion-baht petrochemical complex project in the US following changes in the political landscape, notably Joe Biden's victory in the US presidential election.
The company earlier saw former business partner South Korean construction and chemical company Daelim Industrial withdraw from the joint venture to build an ethylene production facility in Belmont, Ohio.
The withdrawal and the pandemic caused PTTGC to make a project revision and "now we have to revise it again because of changes including the new US president," PTT chief executive Auttapol Rerkpiboon said yesterday.
If US president-elect Biden succeeds Donald Trump, trade and investment policies will change, he said. This will become a new factor for consideration of the future of the project.
PTT has instructed PTTGC to review its study on the new petrochemical facility, especially investment issues.
"When the revision will be finished depends on PTTGC, but I expect it will be finished in the middle of next year at the soonest," said Mr Auttapol.
PTTGC plans to make the investment through its subsidiary, PTTGC America.
The Ohio project was earlier viewed as feasible because its cost is the lowest, compared with those in other petrochemical production sites in the world, and demand for polymers in the US continues to grow despite the sluggish economy.