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Wednesday, May 20, 2015

Third Partner Being Sought for Proposed Ohio Cracker Plant

From Reuters:
Thailand's PTT Global Chemical PCL said it aims to sign in the second half of 2015 a deal with Japan's Marubeni Corp and a new partner to jointly invest in a $5.7 billion petrochemical complex in the United States.

Thailand's largest petrochemical maker will hold a more than 51 percent stake in the project, Patiparn Sukorndhaman, executive vice president for finance told reporters. PTT is seeking a third partner to jointly invest in the project in addition to Marubeni, Sukorndhaman added. 
"Marubeni specialises in trading business. Having Marubeni as a partner will help us to penetrate the North America market," Patiparn said, adding PTT is looking to select one of five potential partners that are interested in the project. 
The stakes that would be held by Marubeni and any third partner are still under negotiation.

PTT Global, petrochemical flagship of state oil and gas company PTT PCL, has selected Ohio as the site of a one-million-tonne olefin cracker so it can use ethane from the Marcellus shale as the feedstock, it said in a statement.
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