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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

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