PTT puts off decision on $5.7B petrochemical plant
Tuesday, June 9, 2020
PTT PCL, a Thai chemical company, has decided to put off making a decision on whether or not to construct its proposed $5.7 billion petrochemical plant in Ohio, according to Reuters.
The company expects to decide whether or not to build the ethane cracker in the next six to nine months, deferring from its original target of the first half of this year.
“While the pandemic has prevented us from moving as quickly as we would like within our previous timeline, our best estimate is for a final investment decision by the end of this year or in the first quarter of next year,” PTTGC America (PTTGCA) president and CEO Toasaporn Boonyapipat said.
Learn more: Chemicals Technology > PTT to defer decision on $5.7bn Ohio petrochemical plant
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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.
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