Formosa Petrochemical Corp (台塑石化) plans to build a US$9.4 billion chemical manufacturing complex in the US state of Louisiana through its subsidiary FG LA LLC, the US state government said in a news release on Monday.
Formosa Petrochemical, the nation’s only privately owned oil refiner, has purchased a 970-hectare site in St James Parish along the west bank of the Mississippi River for the plant, which is to produce ethylene, propylene and associated polymers, the release said.
The complex, located downriver from Sunshine Bridge, is expected to create 1,200 permanent jobs with average salaries of US$84,500, as well as up to 8,000 construction jobs in the River Parishes and surrounding regions of Louisiana, it said.
ECONOMIC BRIDGE
“The project continues that bridge into a brighter economic future for Louisiana, one with an estimated 8,000 construction jobs at [its] peak, even more permanent jobs upon completion, and a multibillion-dollar impact on earnings and business purchases for decades to come,” Louisiana Governor John Bel Edwards said.
“We will work to keep the community updated and informed at each stage of this project,” said Lin Keh-yen (林克彥), chief executive officer of the Louisiana project and executive vice president of Formosa Petrochemical.
The company already operates three Louisiana facilities with 410 employees in East Baton Rouge and Pointe Coupee.
Louisiana said it has offered a competitive incentive package that would include a US$12 million performance-based grant to offset infrastructure costs.
Formosa Petrochemical is to receive the grant in four annual installments of US$3 million beginning in 2021, the projected first year of hiring for the permanent jobs.
TAX REVENUE
The state government said the 10-year construction period is forecast to yield US$362 million in new state and local tax receipts, citing an economic impact study completed by Louisiana State University economist James Richardson.
Formosa Petrochemical chairman Chen Bao-lang (陳寶郎) was quoted by the Central News Agency as saying that the new Louisiana project is expected to pass an environmental impact assessment by the end of this year at the earliest.
Construction of the new facility is to take place in two phases.
The complex would be capable of producing 1.2 million tonnes of ethylene and 600,000 tonnes of propylene per year after the first phase of construction is completed, the company said.
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