Thai company looking for third partner for Belmont County ethane cracker
Sunday, May 24, 2015
The Taiwanese company planning to construct an ethane cracker plant in Belmont County is looking for a third partner.
The Business Journal reports that PTT Global Chemical PCL, based in Bangkok, is signing a deal with Tokyo-based Marubeni Corp. but is also looking for a third financial partner. The newspaper reports that PTT will likely have control of 51 percent of the project.
A final decision to build the cracker plant is expected to be made by the second quarter of 2017. The plant will take three and a half years to build if it is approved.
Ten thousand jobs for skilled trades workers would be created during construction of the plant and 1,000 permanent jobs would be created once it is complete.
Via: The Business Journal > Thai Company Seeks Third Partner for Belmont Cracker
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.