Specifically, on January 4, it was announced the partnership between New Zealand-based Todd Corporation and Saudi state-owned petchem firm SABIC. The project was originally announced in early 2013 as a joint venture between Todd Corporation and Texas-based ZEEP, Inc.
The project is also expected to create 75 new direct jobs with average earnings of $71,400, 350 permanent indirect jobs, and 800 construction jobs.
Moreover, because of easy-to-access, affordable supplies of shale natural gas, Louisiana is able to develop a variety of methanol projects, enabling US to become a future net exporter of methanol, according to a market analysis performed by ADI Analytics and commissioned by the Methanol Institute.
According to the port's press release, South Louisiana Methanol’s 1,500-acre complex in St. James Parish will use natural gas to produce an estimated 2 million metric tons of methanol per year.
This petrochemical is used as a building block to make countless other products, including plastics, polyester fibers and fabrics, pesticides, fuel additives, pharmaceuticals and adhesives.
Concluding, the state of Louisiana has renegotiated South Louisiana Methanol’s 2013 incentive package, which makes it eligible for a $5 million performance-based grant. The company will also receive assistance from the state’s LED FastStart, and Industrial Tax Exemption and Quality Jobs programs.