Home / Knowledge / News / Textiles / Castleton to set up $1.2bn methanol plant in Louisiana
Castleton to set up $1.2bn methanol plant in Louisiana
14
Oct '14
Castleton Commodities International LLC (CCI), a leading merchant energy company, has announced that it will make a $1.2 billion capital investment to develop a new methanol manufacturing plant in Louisiana, a state located in the southern region of the United States.
 
The project, to be developed along the Mississippi River in Plaquemines Parish, south of New Orleans, will produce an estimated 5,000 metric tons of methanol per day, using natural gas as the key feedstock for production.
 
CCI anticipates the construction of the project to begin in 2016, and the completion of the methanol plant is estimated to take two-year time.
 
During the development phase, the project is expected to create 1,000 construction jobs. Once operational, the project will generate 50 new direct employment opportunities with an average annual salary of approximately $72,000, plus benefits. In addition, Louisiana Economic Development (LED) estimates the project will result in 291 indirect jobs.
 
LED began working with CCI on a potential project in September 2013. 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.
 
Explaining the reason for selecting Louisiana for the methanol plant, CCI CEO William C. Reed II, said, “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.”
 
“We’re proud that CCI is now joining the impressive list of important global investors who are choosing to invest their capital and create the jobs of the future right here in Louisiana. Generations of Louisiana families will benefit from these historic investments we’re attracting to our state,” said Louisiana Governor Bobby Jindal.
 
CCI is a global commodities merchant with an integrated set of operations consisting of physical and financial commodities trading and the ownership, operation and development of commodities-related upstream and infrastructure assets. CCI is headquartered in Stamford, Connecticut, with offices in Houston and Denver, as well as foreign affiliate offices in Calgary, Canada; Geneva, Switzerland; Shanghai, China; Singapore; and Uruguay. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search