PTT Global Chemical officially controls about 500 acres for building the Belmont County ethane cracker, as a deed filed this week shows the Thailand-based firm paid about $17.5 million to acquire the Ohio-West Virginia Excavating property, a parcel of about 350 acres.
Last summer, the company paid more than $13 million to purchase the former R.E. Burger power plant property, a parcel of about 150 acres, from FirstEnergy Corp. The $30.5 million in land deals are in addition to the $150 million officials said they spent so far on engineering and design work for the proposed petrochemical plant.
Still, the $180.5 million seems somewhat minuscule compared to the potential overall price tag, which officials said could now go as high as $10 billion.
“This is yet another milestone for the project,” said PTT spokesman Dan Williamson on Wednesday. “It is clearly a positive step that shows the company continues to make progress.”
Williamson, however, said this acquisition should not be considered confirmation of a final investment decision, which he said remains under evaluation.
Earlier this year, PTT officials confirmed a partnership with South Korea’s Daelim Industrial Co. Despite the partnership, only PTT’s name appears on the deeds for the large parcels acquired at Dilles Bottom.Click right here to read more.
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