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Formosa Petrochemical considering building $9.4B production complex in Louisiana
Greater Baton Rouge Business Report ^ | SEPTEMBER 3, 2015 | STEVE SANOSKI

Posted on 09/03/2015 1:41:13 PM PDT by robowombat

Formosa Petrochemical considering building $9.4B production complex in Louisiana

STEVE SANOSKI SEPTEMBER 3, 2015

Taiwan-based Formosa Petrochemical Corp. is studying the feasibility of building a $9.4 billion industrial complex in St. James Parish to produce ethylene and other chemical products, company officials and Gov. Bobby Jindal announced this afternoon.

A final investment decision is expected in mid-2016. If Formosa decides the investment makes financial sense, it would move forward with construction on the first phase of the project in late 2016, with hiring to begin in 2018. The project would create 1,200 new direct jobs paying an average annual salary of $84,500, plus benefits, Louisiana Economic Development estimates.

The state is offering Formosa an incentive package that includes a $12 million performance-based grant to offset infrastructure costs, with the grant to be paid in four equal annual installments beginning in 2018.

Formosa also would receive workforce development assistance via LED’s FastStart program, and it would benefit from Louisiana’s Quality Jobs and Industrial Tax Exemption programs. The former program provides a cash rebate of up to 6% of the company’s payroll for up to a decade for new jobs created, while the latter offers a full abatement of local property taxes for up to a decade on new capital investments.

The $9.4 billion project would be built in two phases on the west bank of the Mississippi River near the Gramercy bridge and would represent one of the largest single-site ethylene production complexes in the world.

Formosa operates Taiwan’s only privately owned oil refinery and naphtha cracking complex, serving global industrial activities that include oil refining, petrochemicals, plastic raw materials, secondary processing of plastics, electronic materials, machinery and transportation. Formosa has had a presence in Louisiana since 1981, with three plastics manufacturing locations in East Baton Rouge and Pointe Coupee parishes.


TOPICS: Business/Economy; News/Current Events; US: Louisiana
KEYWORDS: energy; ethane; ethylene; petrochem
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To: thackney

One more time: Formosa OWNED JM Eagle at the time the bad pipe was being manufactured.


21 posted on 09/04/2015 5:31:33 AM PDT by WayneS (Yeah, it's probably sarcasm...)
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To: WayneS

Not the same being the crook you claim.


22 posted on 09/04/2015 5:32:49 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

I see. The business geniuses at Formosa just innocently owned a crooked company.

If you want to shill for Indonesian mobsters then be my guest.


23 posted on 09/04/2015 5:39:27 AM PDT by WayneS (Yeah, it's probably sarcasm...)
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To: robowombat
Louisiana economy is taking lots of hits from the fall in oil prices

Flooding the market almost already saturated with ethylene is going to help matters? Especially a foreign one, with past questionable business practices? I hope it gets shot down.

24 posted on 09/04/2015 5:40:08 AM PDT by catfish1957 (I display the Confederate Battle Flag with pride in honor of my brave ancestors who fought w/ valor)
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To: WayneS

Have a great day, God Bless


25 posted on 09/04/2015 5:43:02 AM PDT by thackney (life is fragile, handle with prayer)
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For those interested, Formosa Plastics Group is a Taiwanese company, not Indonesian. Internationally they have over 100,000 employees. It started in Kaohsiung, Taiwan in 1954 and remains headquartered in Taiwan.

The USA division (Formosa Plastics) has 2,400 employees with fatalities in New Jersey, Louisiana and Texas.

http://www.fpcusa.com/about.html

26 posted on 09/04/2015 5:53:03 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney
has 2,400 employees with fatalities in New Jersey, Louisiana and Texas.

Perhaps they need to review their industrial health and safety practices ...

:"}

27 posted on 09/04/2015 5:55:05 AM PDT by NorthMountain ("The time has come", the Walrus said, "to talk of many things")
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To: catfish1957

Making more cheaper manufacturing feedstocks is good for the US economy. More jobs, less cost of products.

Are you really complaining that another ethane cracker is being built in the US Gulf Coast?


28 posted on 09/04/2015 5:55:14 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

There are several other planned crackers by “US” companies who tend to have better SHE records. I have first hand comments from others (overheard at trade shows) about what these guys were all about in the ‘90’s. Retired, but was industry for 30 years, and hate to see foreign circumventers get a leg up on our people.


29 posted on 09/04/2015 5:59:56 AM PDT by catfish1957 (I display the Confederate Battle Flag with pride in honor of my brave ancestors who fought w/ valor)
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To: catfish1957

I don’t see them getting a leg up.

I see them coming in on the tail end of billions of dollars in many other plants farther along.

I’ll accept without debate your concern about the company. But do you really see it a problem for our concerns of yet another ethane cracker being built?


30 posted on 09/04/2015 6:02:26 AM PDT by thackney (life is fragile, handle with prayer)
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To: NorthMountain

what a typo

Thanks!


31 posted on 09/04/2015 6:04:36 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

I’d rather not give specifics in a public post. I will Freep mail you with details. La., should avoid Formosa like the plague.


32 posted on 09/04/2015 6:06:44 AM PDT by catfish1957 (I display the Confederate Battle Flag with pride in honor of my brave ancestors who fought w/ valor)
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To: catfish1957
I want to understand this comment which did not seem to pertain to the specific company.

Flooding the market almost already saturated with ethylene is going to help matters?

33 posted on 09/04/2015 6:11:20 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

I have had the autocorrect feature in Micro$haft Word do far worse to me in a briefing I was preparing for a very highly placed customer ...


34 posted on 09/04/2015 6:13:39 AM PDT by NorthMountain ("The time has come", the Walrus said, "to talk of many things")
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To: NorthMountain

Yeah, I’ve learned to not trust spell check for anything really important.

It is really has to be correct, I let my wife read it. She is great at finding my mistakes. (she used to be the last check for their corporation SEC filings, annual report, etc)


35 posted on 09/04/2015 6:18:17 AM PDT by thackney (life is fragile, handle with prayer)
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