PTT Pays JobsOhio $20M for Failing to Build OH Cracker Plant

PTT Global Chemical has reimbursed JobsOhio, the state's private economic development office, $20 million for failing to make a final investment decision (FID) to build a multi-billion-dollar ethane cracker plant project in Belmont County, OH. JobsOhio paid Bechtel Corp. $20 million in 2019 to complete site engineering and site preparation for the project, with a promise from PTT that it would soon make an FID and move forward with construction. That never happened, so PTT is paying up because it didn't live up to its end of the bargain. Interestingly, PTT maintains it is "committed to building the multi-billion dollar project." Right.

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