JobsOhio is contributing $30 million to a Belmont County ethane cracker plant project that could be one of the largest investments in Appalachia’s recent history.
But even the prospective joint venture behind the enormous project still can’t formally say it’s committed to the project.
The grant, one of the largest single incentives ever put forth by the state’s private development arm, is to pay for initial site preparation work for the titanic $5 billion prospective investment, which has already landed substantial economic incentives. Overall, this initial site work will cost about $65 million, according to JobsOhio documents.
JobsOhio saysthe funding is another step toward securing commitment from Thailand-based PTTGCA and South Korea-based Daelim Industrial Co., the companies behind the 1.5 million tons-per-year plant that promises thousands of construction jobs and hundreds of full-time workers.
“JobsOhio’s revitalization grant will support initial site preparation work, which will begin later this month,” JobsOhio spokesman Matt Englehart said in a statement. “While this is an important and positive step for the project, no final investment decision has been made. JobsOhio and our partners will continue closely collaborating with PTTGC America and Daelim as they work toward a final investment decision.”
The plant would use six ethane cracking furnaces to manufacture ethylene, high-density polyethylene, and linear low-density polyethylene, which are used in plastics and chemical manufacturing.
In December, the Ohio EPA issued an an air permit, clearing the way for the companies to begin work. But the companies say they are still evaluating the site.
“This JobsOhio revitalization grant enables us to implement site preparation as we continue to work toward a final investment decision on a world-scale petrochemical complex in Ohio,” the joint venture said in a statement. “We continue to appreciate the tremendous support we have received from JobsOhio, the State of Ohio, Belmont County and all our partners and stakeholders.”
