Thailand’s largest integrated petrochemical and refining company and its Japanese project partner have reportedly selected a site in eastern Ohio for the possible construction of a $5.7 billion “world-scale” petrochemical complex. With a site now selected, PTT Global Chemical (PTTGC) and the Tokyo-based Marubeni Corporation have said they will invest upwards of $150 million over the next 12-16 months to complete the detailed engineering design and permitting needed to start construction of an ethane processing plant at the Belmont County, Ohio site.

When operational, the facility—known as a “cracker”—would process the ethane extracted from the region’s Marcellus and Utica shale formations into ethylene, which is used as a primary component in the plastics and resins contained in everyday items such as food and product packaging, textiles, sporting goods and pharmaceuticals.

Both PTTGC and Marubeni have spent the past two years evaluating sites across the Utica and Marcellus shale region for the project, according to a joint statement released by the two companies. A final investment decision from the project pair is expected early in 2016. Should the project move forward, construction of the facility would take an estimated three and a half years to complete.

PTT GLOBAL AND MARUBENI ARE SEEKING A THIRD PARTNER FOR THE OHIO PROJECT

According to the Energy Business Review, Marubeni and PTTGC, the latter of which will hold a 51 percent stake in the project, are looking for a third partner for the Ohio endeavor, but the names of any potential suitors haven’t been made public.

JobsOhio, a private, non-profit corporation designed to drive job creation and capital investment in the state, worked with the Appalachian Partnership for Economic Growth to attract the project. Ohio Governor John Kasich says the economic development enities have “worked with the companies throughout this time and led the effort to move this project forward in Ohio.”

“There is more work ahead before final decisions on this project are made,” Kasich said, “but I know our Ohio team will do everything we can to bring it fruition. We are excited about the possibility of working with companies of the caliber of PTTGC and Marubeni. A project of this size can help lift the region forever.”

Despite a downward spiral in oil prices that has impacted the global energy market, there have been $28 billion in investments in Ohio as a direct result of shale development, a 40 percent increase in the total investments since the fourth quarter of 2014, according to industry sources.