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Castleton Commodities International Invests $1.2 Billion To Develop Methanol Manufacturing Plant South Of New Orleans, Louisiana

10/10/2014
A global commodities merchant, Castleton Commodities International will make a $1.2 billion capital investment to develop a new methanol manufacturing plant along the Mississippi River in Plaquemines Parish, Louisiana.

In Louisiana, CCI will develop the methanol manufacturing plant at the 387-acre former AMAX Nickel site on the east bank of the Mississippi River in north Plaquemines Parish. CCI’s Louisiana plant will produce an estimated 5,000 metric tons of methanol per day, using natural gas as the key feedstock for production.

CCI anticipates beginning construction in 2016, with an estimated two-year build-out leading to completion of the methanol manufacturing plant in the Braithwaite area of Plaquemine Parish, creating 50 jobs. During development of the plant, the project will create an estimated 1,000 construction jobs.

“CCI is excited to have our methanol project in Plaquemines Parish, Louisiana,” said CCI CEO William C. Reed II. “Louisiana has a great workforce, strong business climate and robust energy infrastructure. The project location situated along the Mississippi River near New Orleans makes the site ideal for use in multiple projects. The proximity to a major waterway, deepwater ports, access to natural gas pipelines, truck and rail – in addition to an efficient and expeditious permitting process offered by Louisiana – were major deciding factors in the selection of Plaquemines Parish for the project.”

To secure the project, the State of Louisiana offered the company a competitive incentive package that includes the comprehensive workforce solutions of LED FastStart. CCI also is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.

Governor Bobby Jindal said, “Having made economic development one of our top priorities in Louisiana, we are proud to see record industrial investment and job creation rise up across our state – from Sasol, Cheniere Energy and Benteler to Dow, Nucor, CF Industries, Cornerstone Chemical and Dyno Nobel. These and similar industrial projects are bringing tens of billions of dollars in new investment to our state, because Louisiana offers a business climate, ports, pipelines, river terminals and a skilled workforce that are second to none in the world. 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. Generations of Louisiana families will benefit from these historic investments we’re attracting to our state.”

“Greater New Orleans Inc. is pleased to welcome CCI to the region,” said President/CEO Michael Hecht of GNO Inc. “CCI’s decision to invest in a methanol manufacturing facility underscores that Louisiana’s combination of logistics, business climate and focus on international trade make it a top location for industrial projects.”
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