$1.2 billion methanol plant, with 50 new jobs, planned for Plaquemines Parish

Markets Associated Press

State officials have announced that Castleton Commodities International LLC plans a $1.2 billion methanol manufacturing plant in Plaquemines Parish.

Continue Reading Below

Gov. Bobby Jindal, the state economic development office, and the company's CEO said in news releases Friday that the project will create 50 jobs with an average annual salary of about $72,000. There also will be 1,000 construction jobs.

Castleton expects to begin construction in 2016. The plant is planned for the Braithwaite area along the Mississippi River.

"The project location situated along the Mississippi River near New Orleans makes the site ideal for use in multiple projects," Castleton Commodities' CEO William C. Reed II said.

State incentives include tax breaks through the state's Quality Jobs and Industrial Tax Exemption programs, and training of workers through the Louisiana Economic Development agency's "Faststart" program. The agency said it began working with the corporation on plans for a potential project in the state in September 2013.

"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," Jindal said.

Continue Reading Below

Castleton Commodities International is headquartered in Stamford, Connecticut. According to the news release, it markets commodities including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power and coal and financial instruments related to commodities.