News Archive

LEDC aims for global outreach

SOUTH POINT — The Lawrence Economic Development Corporation has received official certification to become an Employment Based-5 Regional Center for the counties of Lawrence, Scioto, Jackson and Gallia.

EB-5 was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. EB-5 foreign direct investors must invest in a new commercial enterprise, create or preserve at least 10 full-time jobs within two years, and invest in at least $500,000.00 in capital investments in the rural counties of Lawrence, Scioto, Jackson and Gallia. This specific regional center is focused on commercial for profit companies specializing in distribution, warehousing and logistics.

“As LEDC initiates industrial recruitment efforts on a global scale, the EB-5 Visa Program will be a powerful tool,” said Bill Dingus, executive director of the LEDC. “Statistics show a keen interest in the Asian communities for investing in U.S. communities that have an…

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Ethane Cracker Supply Chain Market Study

Executive Summary

The Ethane Cracker Supply Chain Opportunities market research study explores the potential impact on regional and future businesses of the proposed Appalachian Shale Cracker Enterprise, or ASCENT. ASCENT is a proposed ethane cracker site including the cracker, three polyethylene plants, water treatment facilities, and a gas-fired co-generation power plant to be carried out by Odebrecht, a Brazilian company, with construction slated to begin sometime in 2015.

The Mid-Ohio Valley Regional Council engaged Thomas P. Miller and Associates (TPMA), along with Camoin Associates (CA), to study the potential impacts of ASCENT. Analysis focused on two key areas:

  1. Identifying regional companies that would benefit from the proposed ethane cracker; and
  2. Identifying potential companies that may look to expand to the region in order to takeadvantage of proximity to the cracker

Key Findings

  • Opportunities through the ASCENT cracker lie primarily in the ethylene supply chain. As the key product of the cracking…
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PTT Selects Former First Energy Plant for Cracker

YOUNGSTOWN, Ohio — PTT Global Chemical has selected the former Dilles Bottom coal-fired power plant in Belmont County as the site for the $5.7 billion ethane cracker plant the company is considering whether to build in Ohio. The site was disclosed in an investor presentation that the Thai-owned company made May 15.

JobsOhio announced April 22 that PTT is considering construction of a “world-scale petrochemical complex.”

The company’s partner in the venture is Marubeni Corp., a Tokyo trading house. A third partner is being sought to assist with financing, a PTT executive said two weeks ago. In its investor presentation, PTT said it is “talking to potential lenders in Thailand and studying “funding schemes” in the United States.

PTT said the former First Energy plant sits in the center of an ethane network with nearby fractionation units that would allow the project to utilize existing pipelines, mostly less that two years old. Company…

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Angel group formed to help economy in Tri-State

ASHLAND – The Tri-State Angel Investment Group, formed earlier this year, has made an initial $100,000 investment to help local businesses start up or expand and bring more jobs to the area.

The group of investors has raised $1.2 million to help Tri-State businesses grow, said Nick Fosson, director of the Kentucky Innovation Network office in Ashland, one of 13 in Kentucky. It was funded from a grant from the Kentucky Economic Development Cabinet Office of Entrepreneurship.

“Our mission is to improve the economy of the region,” Fosson said. “The first priority is to invest in regional businesses. We have to think regionally.”

The region the network will fund projects in is within 50 miles of the Ashland, Ironton and Huntington areas, he said. The group currently is composed of Ashland and Ironton area investors and would like to see more investors from Huntington and expand the initial investment to $3 million, Fosson…

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