PPG Industries leases land for Marcellus Shale development - $50 million

[Divernan]

PPG leases W.Va. land for Marcellus development
Monday, February 28, 2011
By Joyce Gannon, Pittsburgh Post-Gazette

PPG Industries will lease property at its Natrium, W.Va., plant for Marcellus Shale development.

The Downtown-based glass, paints and chemicals company said it reached a deal with Gastar Exploration Ltd. of Houston, Texas, which plans to develop 30 wells at the chemicals plant site along the Ohio River.

PPG estimated the value of the lease at about $50 million over 30 years of development including an initial cash payment of about $10 mil

Read more: http://www.post-gazette.com/pg/11059/1128660-503.stm#ixzz1FGqvn5N6

Oh well, this will be downriver from all the PPG execs'/board members' homes in Sewickley, Fox Chapel, etc. Stockholders will get the dividends, execs will get the bonuses & stock options and the plebes in Ohio and West Virginia will get the toxic chemicals, radiation, ruined property values, etc. Gastar will have to pay extraction taxes to West Virginia, which they wouldn't in PA under Govenor Corbett.