Formosa to set up petrochemical plant in Louisiana

Located just downriver from the Sunshine Bridge, the complex would be built in two phases and produce ethylene, propylene, ethylene glycol and associated polymers. Formosa plans to operate the complex under its subsidiary and Louisiana registered company, FG LA LLC, and is branding the site as ‘The Sunshine Project’. Pending the completion and approval of permits for the site, FG could begin construction as soon as 2019 in what projects to be a 10-year building and development process in two phases.

The Sunshine Project would create 1,200 new direct jobs averaging $84,500, plus benefits. Louisiana Economic Development estimates the project also would result in 8,000 new indirect jobs, for a total of more than 9,000 jobs in the River Parishes and surrounding regions of Louisiana.

With over 100,000 employees worldwide, Formosa Plastics Group operates three existing Louisiana facilities with 410 employees in East Baton Rouge and Pointe Coupee parishes. Years in the making, the St. James Parish complex will create one of the world’s most innovative, single-site ethylene hubs.

To secure the project, the State of Louisiana offered a competitive incentive package that would include a $12 million performance-based grant to offset infrastructure costs. Following company performance in building the complex, FG would receive the grant in four annual instalments of $3 million beginning in 2021, the projected first year for hiring permanent jobs. (RKS)

Fibre2Fashion News Desk – India