PTT Global Chemical America (PTTGCA) signed an agreement with Energy Storage Ventures LLC to build a facility to store and transport NGLs for PTTGCA’s proposed complex.
“Our impending partnership ... brings us one step closer to a final investment decision,” PTTGCA President and Chief Executive Toasaporn Boonyapipat said in a statement last week.
In June, PTTGCA said it delayed making a final investment decision to build the ethane cracker, which analysts estimate will cost US$5.7 billion, from 1H20 to 1H21 due to the coronavirus.
Energy Storage Ventures’ Mountaineer NGL Storage subsidiary will develop the underground salt caverns on a 200-acre (80-ha.) site in Ohio’s Monroe County, approximately 8 miles (13 km) from the PTTGCA site.
PTTGCA said it is working with Mountaineer on 1 million bbl of ethane storage and a pipeline linking the storage facility to the project.
The company said Mountaineer will develop the US$250 million storage facility in two phases by creating multiple caverns in the existing underground salt formation. Each phase will be able to hold about 1.5 million bbl.
PTTGCA is seeking new partners for its ethane cracker project after South Korea’s Daelim Industrial Co Ltd pulled out earlier this month.
The ethane cracker is designed to produce about 1.5 million tpy of ethylene and will take 4 – 6 years to build.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/27072020/ptt-signs-ngl-storage-deal-with-energy-storage-ventures/