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Business deals

Thailand's PTT finds petrochemical partner for US project

South Korea's Daelim Industrial to help push forward $5.7bn Ohio venture

A natural gas rig in Springfield Township, Pennsylvania. The site lies in the center of a deep repository of natural gas that runs through West Virginia, Ohio, Pennsylvania and New York in the northeastern U.S.   © Reuters

BANGKOK -- Thailand's PTT Global Chemical, the petrochemical arm of state-owned oil and gas company PTT, has found a South Korean partner to help advance its $5.7 billion petrochemical complex project in the U.S. state of Ohio.

Wholly-owned subsidiary PTTGC America signed an agreement on Monday with Daelim Industrial, a South Korean construction and petrochemical company, to conduct a feasibility study by 2019 for the ethane cracker project, to include front-end engineering and design and securement of funding, followed by a final investment decision. Construction is expected to take four years.

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