PTTGC to Proceed the Selection for Partner to Replace “Daelim” without Difficulties

PTT Global Chemical Public Company Limited (PTTGC) stated that the company will proceed in the selection of a partnership to replace “Daelim Industrial” in the U.S. petrochemical complex worth 10 billion US dollars.

 

Mr. Kongkrapan Intarajang, Chief Executive Officer of PTTGC, said that the project was already delayed due to the coronavirus outbreak, which would give PTTGC time to select another partner for this joint venture, which would not be difficult since there were lineups of potential partners since the beginning, but PTTGC already signed with Daelim at the time.

In addition, Mr. Kongkrapan asserted that the investment plans would not change and expected the plans to conclude within 2H21.

 

Yesterday, Yonhap News reported that Daelim Industrial decided to withdraw from the planned  $10 billion project with PTT Global Chemical Public Company Limited (PTTGC) in the U.S. petrochemical complex due to prolonged coronavirus outbreak and lower oil prices.

A joint venture between Daelim Industrial and PTTGC is a project to build petrochemical plants including ethane cracker in Ohio by 2026, reported Yonhap News, while saying that Daelim has invested around 150 billion won or approximately USD 124 million in the past two years.