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Wednesday, June 8, 2016

Ohio's Geography Being Used as Selling Point for Downstream Oil and Gas Industry

From Downstream Today:
"Location, location, location" has long been a mantra in real estate, but comments from officials with a stake in growing Ohio's economy suggest the phrase nicely sums up the Buckeye State's appeal to the downstream oil and gas industry as well. 
"Ohio is a great place to be and JobsOhio and our partners will continue to leverage the oil and gas surplus of the Utica and Marcellus shale plays to build the state’s economy and drive capital investment," David Mustine, senior advisor with the private economic development non-profit corporation JobsOhio, told DownstreamToday. Easy access to feedstocks from the Utica and Marcellus notwithstanding, Ohio enjoys "unparalleled access to customer markets" because it is located within a day's drive to much of the U.S. population, he added.

"Ohio’s spot price of natural gas – and related materials – is more than 40 percent lower than the Eastern U.S. average," continued Matt Waldo, senior manager of research with JobsOhio. "This fuels Ohio’s tremendous downstream demand. To that end, Ohio has the number one aerospace supplier presence in the U.S. and is number two in automotive production." 
One high-profile downstream project in Ohio is PTT Global Chemical's proposed world-scale ethane cracker, which would be built in Belmont County in the southeast corner of the state. Although that proposal has generated much enthusiasm among the state's oil and gas community, Mustine and Ohio Oil and Gas Association (OOGA) Executive Vice President Shawn Bennett see potential for significantly more downstream investment. Read on for their insights regarding downstream opportunities in the Buckeye State.
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