Daelim Chemical USA and PTTGC America have delayed making a final investment decision (FID) on their long-planned PTTDLM petrochemical project in Mead Township, Belmont County, Ohio. Either at the end of this year or, more likely, next year, the final investment decision is expected to be made. To complete construction of the facilities, senior company sources said it would take 5 to 6 years. Thus, the project’s completion date would be brought to around 2027–2028.
Plans for the project first announced by PTT Global Chemical (PTTGC), parent of PTTGC America, in 2015. Daelim Industrial joined as partner three years after the announcement. PTTGC America and Daelim previously expected to make a final investment decision on the project by the middle of 2020. The company said the engineering studies on the project are still being carried out.
The latest forecasts in demand and the COVID-19 pandemic are the main reasons for the delay. Based on projects’ costs as well as changes in product demand expected in the post-COVID-19 global economy, PTTGC CEO said recently that the company will review its short- and long-term investment plans worldwide.
