According to PTT Global Chemical Public Company Ltd., Ohio offered the Thai company an incentive package that was too good to say “no” to when it came to deciding the location for its ethane cracker plant.
The $5.7 billion plant will be located in Belmont County, Ohio, thanks to JobsOhio’s “aggressive incentive package.” The state’s private job-creation entity offered job-creation tax credits, work-force training grants, local tax credits and infrastructure improvement grants. PTT Global Chemical, along with its partner Marubeni Corp. of Japan, announced the location of the cracker plant last month. The other options for a location included West Virginia and Pennsylvania.
As reported by the Columbus Business First, “JobsOhio is the private corporation created by Gov. John Kasich in charge of promoting Ohio economic development. In a presentation this month, PTT cited JobsOhio’s ability to “deliver the required work force” and what it says are 90,000 skilled workers as key advantages for Ohio.”
For years Ohio has tried for a major ethane cracker to be built in the state, but always “lost” to its neighboring states. However, its hard work has finally paid off. According to JobsOhio’s spokesperson, the incentives for the plant will be disclosed after the final agreement is completed.
If PTT Global Chemical goes through with the ethane cracker plant, it will take natural gas components from the Marcellus and Utica Shale formations and convert it into several chemical products. Lucky for Ohio and PTT Global Chemical, Belmont County is the center of state’s oil and gas operations in the Utica.