Gov. John Kasich said a pair of international energy firms now control about 500 acres of property needed to build the planned Belmont County ethane cracker, a project he said could now cost up to $10 billion.
During a Monday news conference at the Ohio Statehouse, Kasich formally announced the partnership between Thailand-based PTT Global Chemical and South Korea’s Daelim Industrial Co., a pairing initially reported by The Intelligencer on Jan. 31.
“It’s great to see these two world-class companies coming together to develop an exciting 21st century industry that will dramatically transform Ohio,” Kasich said. “Building this massive ethane cracker plant here will be a game-changer, not only for Eastern Ohio, but for the entire state, as it will create so many new opportunities for economic development.”
Two-and-a-half years ago, PTT officials joined Kasich at the Statehouse to announce plans to spend $100 million for engineering and design work. Monday, JobsOhio President and Chief Investment Officer John Minor said this investment has already topped $150 million.
Initially, the estimated cost of the cracker plant to be build along the Ohio River was $5.7 billion. Kasich and Minor said Monday the cost could now go as high as $10 billion, as the partnership of PTT and Daelim allows the companies to make the plant even larger than originally planned.Click here to read on.
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