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PTT signs ethane supply deal with Range for Ohio petrochemical plant

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09/23/2020 | 12:18pm EDT
FILE PHOTO: A view of a PTT Pcl energy firm logo is seen at the firm's commercial EV (Electric Vehicle) charging station, in Bangkok

State-owned Thai oil and gas company PTT said on Wednesday its U.S. unit took a step forward on its proposed chemical plant in Ohio that will turn ethane into plastics with an ethane supply agreement with Range Resources Corp.

Under the agreement, U.S. oil and gas producer Range will provide 15,000 barrels per day (bpd) of ethane as feedstock for PTT Global Chemical America's (PTTGCA) planned ethane cracker along the Ohio River in Belmont County.

PTTGCA said it will use the ethane to manufacture polyethylene, one of the key resins used to produce plastics products.

PTTGCA said the agreement with Range is predicated on its reaching a final investment decision to build the facility.

In June, PTTGCA said it delayed making a final investment decision to build the ethane cracker, which analysts estimate will cost $5.7 billion, from the first half of 2020 to the first half of 2021 due to the coronavirus.

The company has said that if it were not for the coronavirus, the plant would likely already be under construction.

The ethane cracker is designed to produce about 1.5 million metric tons of ethylene per year and will take 4-6 years to build.

In addition, to PTTGCA's project, Royal Dutch Shell PLC is building an ethane cracker nearby in western Pennsylvania.

(Reporting by Scott DiSavino; Editing by David Gregorio)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 2.45% 42.64 Delayed Quote.-35.20%
PTT 0.00% 32.25 End-of-day quote.-26.70%
PTT GLOBAL CHEMICAL 1.25% 40.5 End-of-day quote.-28.95%
RANGE RESOURCES 3.87% 8.99 Delayed Quote.78.56%
ROYAL DUTCH SHELL PLC 1.04% 10.64 Delayed Quote.-59.76%
THAI OIL 2.84% 36.25 End-of-day quote.-48.03%
WTI 2.46% 40.86 Delayed Quote.-35.02%
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