Castleton Commodities International LLC (CCI) announced last week it will invest $1.2 billion investment to develop a new methanol manufacturing plant along the Mississippi River in Plaquemines Parish, south of New Orleans.
The plant will produce an estimated 5,000 metric tons of methanol per day, using natural gas as the key feedstock for production. Construction will begin in 2016, with an estimated two-year build-out leading to completion of the methanol manufacturing plant.
“CCI is excited to have our methanol project in Plaquemines Parish, Louisiana,” said William C. Reed II, CEO of CCI. “Louisiana has a great workforce, strong business climate and robust energy infrastructure. The project location situated along the Mississippi River near New Orleans makes the site ideal for use in multiple projects. The proximity to a major waterway, deepwater ports, access to natural gas pipelines, truck and rail – in addition to an efficient and expeditious permitting process offered by Louisiana – were major deciding factors in the selection of Plaquemines Parish for the project.”
More than 340 jobs in the southeast region of the state related to the facility and additional 1,000 construction jobs will be created.
“We are proud to see record industrial investment and job creation rise up across our state – from Sasol, Cheniere Energy and Benteler to Dow, Nucor, CF Industries, Cornerstone Chemical and Dyno Nobel. These and similar industrial projects are bringing tens of billions of dollars in new investment to our state,” said Gov. Bobby Jindal.
To secure the project, the State of Louisiana offered the company a competitive incentive package that includes the comprehensive workforce solutions of LED FastStart, the nation’s No. 1 state workforce development program. CCI also is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.
“CCI’s decision to invest in a methanol manufacturing facility underscores that Louisiana’s combination of logistics, business climate and focus on international trade make it a top location for industrial projects,” said Michael Hecht, CEO of Greater New Orleans Inc.