Taiwan-based Formosa Petrochemical Corp. has selected St. James Parish as the site of its $9.4 billion chemical manufacturing complex.
A news release from Greater New Orleans Inc. said the company has purchased a 2,400-acre site along the west bank of the Mississippi River.
The complex will be built in two phases and produce ethylene, propylene, ethylene glycol and associated polymers. Construction could begin in 2019, depending on when the company secures permit approvals.
The project means over 1,200 new direct jobs, GNO Inc. president and CEO Michael Hecht said. Salaries average $84,000, plus benefits. The state estimates the project creating another 8,000 construction jobs at its peak.
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.”
The plant’s production will support plastic products ranging from sports equipment and food packaging to clothing, health care and technology products, according to the news release.
The state offered Formosa a $12 million performance-based grant to offset infrastructure costs. The company is expected to take advantage of other incentives, including the state’s Industrial Tax Exemption Program.
Formosa Plastics Group operates three other Louisiana facilities in East Baton Rouge and Pointe Coupee parishes.
St. James is also the site of a nearly $2 billion methanol manufacturing complex being built by Yuhuang Chemical Inc. of China. The project is expected to be completed in late 2019.
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