MOSCOW (MRC) -- PTT Global Chemical Plc (PTTGC) is expected to finalize plans to develop a petrochemical complex in the US by next year after a delay caused by falling global oil prices, reported GV.
The ethane cracker plant based on shale gas in Belmont County, Ohio is to be finalized in terms of partnership, finance and design in early 2017, said chairman Prasert Bunsumpun.
He said completion of the petrochemical complex would take two years, by which time low oil prices should help reduce energy, feedstock and development costs.
The plant costing USD 5.7 billion will have an annual capacity to produce 1 million tons of ethylene, 700,000 tons of high-density polyethylene, 500,000 tons of monoethylene glycol and 100,000 tons of ethylene oxide.
"The new complex will use shale gas from the Marcellus formation, and the project will be located near off-taker facilities to boost the project's logistical efficiency," Mr Prasert said.
Ethylene and downstream polymers produced at the complex will help replace US imports of such commodities.
Last year, PTTGC teamed up with Japanese trading firm Marubeni to revive the project.
As MRC wrote earlier, Thiland's PTT Global Chemical Pcl had planned to boost sales in Southeast Asia to offset weak demand from China, the company's biggest overseas market. PTT Global, the petrochemical flagship of Thai top energy firm PTT Pcl, planned to increase exports to the region to 10-15% over the next two years from 5% now, Chief Executive Supattanapong Punmeechaow told a news conference in May 2016.
PTT Global Chemical is a leading player in the petrochemical industry and owns several petrochemical facilities with a combined capacity of 8.45 million tonnes a year.
MRC