May 2015 Archive

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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America’s oil boom sputtering back to life one rig at a time

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The sun sets over the Bakken Oil Formation, behind an oil well near Williston, N.D. From Jim Gehrz/Minneapolis Star Tribune

The oil boom isn’t dead after all.

For the first time in five months, a rig in the Williston Basin, where North Dakota’s Bakken shale formation lies, sputtered back to life and resumed drilling for crude. And then one returned to the Permian Basin, the nation’s biggest oil play, field services contractor Baker Hughes Inc. said Friday.

Shale explorers including EOG Resources Inc. and Irving-based Pioneer Natural Resources Co. say they’re preparing to bounce back from the deepest and most prolonged slowdown in U.S. oil drilling on record. The country has lost more than half its rigs since October, casualties of a 49 percent slide in crude prices during the last half of 2014. Futures rallied above $60 a barrel early…

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Bellisio dishes out donation to JCEDB

From left are Bellisio Vice President of Engineering Ryan Wright, Bellisio Vice President of Human Resources Larry Sprague, Bellisio Senior Vice President of Operations Mike Evans, Jackson County Economic Development Executive Director Jennifer Jacobs and Assistant Director Sam Brady. (Telegram Photo By Bradford Sherman)

From left are Bellisio Vice President of Engineering Ryan Wright, Bellisio Vice President of Human Resources Larry Sprague, Bellisio Senior Vice President of Operations Mike Evans, Jackson County Economic Development Executive Director Jennifer Jacobs and Assistant Director Sam Brady. (Telegram Photo By Bradford Sherman)

As a part of the company’s ongoing community support, Bellisio Foods has made a generous donation to the Jackson County Economic Development Board.

On Wednesday, company officials Mike Evans, Ryan Wright, and Larry Sprague presented a check for $5,000 to the JCEDB and its leaders, Executive Director Jennifer Jacobs and Assistant Director Sam…

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Oil, gas industry has positive impact in Carrollton schools

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Rob Smith, a consultant with Depco LLC, a mechatronics equipment company, shows some of the training center, including an automated material-handling robot (right) in the Young Entrepreneurs Classroom in the new Carrollton Schools POWER Training and outdoor learning center during an open house Friday in Carrollton. Photo from Times Recorder.

Why it matters: Thanks to new revenue generated by the oil and gas boom and grants from the state, the Carrollton Exempted Village Schools District has been able to build a new training center for students and is making plans to build a new K-12 building. School and local officials attribute the growth to the oil and gas boom, which has transformed Carroll County over the past couple of years.

For Carrollton Exempted Village Schools, 2015 is looking to be a year of big changes — all of them positive,…

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Fluor awards $50,000 to Rural King

Fluor-B&W Portsmouth has given a $50,000 grant to Rural King. Last summer Fluor was approached about an unnamed business, code-named “Project Helicopter,” wanting to purchase part of the former Masco cabinet plant and create more than 100 jobs.

Fluor-B&W officials said they were immediately interested in the request, which came from Pike County officials along with the Appalachian Partnership for Economic Growth (APEG), Jobs Ohio and the Joint Economic Development Initiative of Southern Ohio (JEDISO).

Project Helicopter became a reality last October when Ohio Governor John Kasich and local business leaders welcomed Rural King to Pike County. On Thursday, April 30 representatives from Fluor-B&W and economic development directors from Pike, Scioto, Jackson and Ross counties presented Rural King CEO Alex Melvin a check for $50,000, which was provided from the Fluor-B&W Opportunity Fund.

That investment along with other economic incentives including a $50,000 grant from the Southern Ohio Diversification Initiative…

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New life coming to former Merillat facility

The incentives approved by the Tax Credit Authority in the state capital was another step forward in the pivotal movement of Speyside Bourbon Cooperage, Inc. (SBCI) locating a new cooperage at the former Merillat Cabinet facility on East Main Street in Jackson.

The announcement of the action by the Tax Credit Authority was issued by Ohio Governor John Kasich and State Representative Ryan Smith.

The facility will manufacturer new bourbon barrels using Appalachian white oak. SBCI specializes in refurbishing used barrels for spirit-making, and this new facility will be the first to focus on barrel production for the company. SBCI is a subsidiary of TFF Group USA whose parent company is based in France.

“Speyside Bourbon Cooperage is very excited to be locating in Jackson, Ohio. The location is perfect for us, close to our raw material suppliers while also being close enough to serve our customers. Everyone that we have worked with…

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