PTT to review plan for Bt5.7bn Ohio plant
PTT has instructed its US arm to review plans for a chemical plant in Ohio, citing a change in investment conditions.
The company said Joe Biden’s victory in the US presidential election would result in a change in American trade and investment policies. Meanwhile the Covid-19 pandemic was also affecting consumer behaviour, it added.
The move comes after PTT Global Chemical (PTTGC)’s plan to build a Bt5.7-billion petrochemical-to-plastics plant in Ohio hit a snag in July when joint partner Daelim Industrial of South Korea pulled out.
“The PTTGC Petrochemical Complex has to be reviewed as business conditions are completely changed, said Auttapol Rerkpiboon, president and CEO of PTT’s oil and gas enterprise, on Wednesday.
The review should be complete by the middle of next year, he added.
PTTGC is currently studying plans for US-based petrochemical complexes worth more than Bt200 billion and has postponed its final investment decision from the third quarter this year to next year.
The company is eyeing expansion in the US, which has the world's lowest petrochemical production costs coupled with rising demand for polymers.
PTT said it remained committed to investing in the international trading business in the US, which can be managed in line with changing conditions.
The company has established PTT International Trading USA (PTTT USA) and has targeted US trade of 30,000 barrels per day.
