Proposed ‘cracker’ plant adds a partner

A giant proposed petrochemical plant is a step closer to reality, as the company developing the Belmont County project has announced a new partner for financing and construction.

But the Monday update falls short of confirming that the project is moving forward. And, there is no timetable for a more definitive announcement.

PTT Global Chemical of Thailand, the initial developer, is now partnering with Daelim Industrial Co. of South Korea, on the project. Officials of the two companies appeared at a Statehouse news conference Monday with Gov. John Kasich and other state officials.

“This is a home run, and it’s right within our grasp,” Kasich said.

Kongkrapan Intarajang, chief operating officer of PTT Global, said the partnership means the project would be even larger than previously stated, with a budget of roughly $7.5 billion, up from a prior estimate of $5 billion.