Energy Services | Ethane | Industrywide Issues | Ohio | Processing Plants | PTT Global | Statewide OH
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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Democrats are SO predictable. They use the same playbook they’ve used for the past 50+ years. The minute they can’t defend their indefensible, nonsensical ideologies, they resort to calling their opponents bigots and sexists. It happened again Tuesday when northeastern Pennsylvania State Senator John Yukichak, an Independent who used to be a Democrat (but couldn’t stomach the extremism in the party anymore), called out PA Democrats and their environmental “hysteria” for defeating both the PennEast Pipeline project and the New Fortress Energy LNG export plant (both located in northeastern PA). Two PA Senators who happen to be women from the Philadelphia area trotted out the “he’s attacking the girls, he’s a misogynist and sexist” false claim. Typical.
It’s about to get a lot harder to drill a well or build any kind of pipeline in Pennsylvania, if the swamp dwellers at the Pennsylvania Dept. of Environmental Protection (DEP) get their way. The DEP recently released a draft Environmental Justice Policy set of regulations that will empower the radical left to block new drilling and new pipelines by using claims of racism.
Since Russia illegally and immorally invaded Ukraine on February 24, the stock price for Marcellus/Utica natural gas drillers has skyrocketed based on the fear that Russia will cut off natural gas to Europe in response to their response to the war (sanctions on Russia). The Russia/Ukraine war has stoked concerns that Europe will need much more natgas from the U.S. and therefore the U.S. will have to drill and pump more gas to supply it, making gas drillers an attractive investment.
OTHER U.S. REGIONS: New Fortress working on new Fast LNG terminal offshore Louisiana; NATIONAL: Shale drillers foresee ‘world of hurt’ in Biden’s green economy; Human flourishing – the case for using more oil, coal and natural gas; INTERNATIONAL: UK faces importing 80 percent of its gas; PTTEP joins net-zero 2050 club; Germany girds for gas rationing, Europe on edge in Russian standoff; Are the environmental impacts and human atrocities worth an EV battery?