The North American subsidiary of a top 25 Chinese petrochemical company will build a US$1.85 billion methanol complex in St. James Parish, injecting 400 permanent jobs and 2,365 indirect jobs to the region’s economy over a nine-year period.
Yuhuang Chemical Inc. plans to build the massive complex along River Road on St. James’ west bank, the first major direct investment in Louisiana by a mainland Chinese company.
Yuhuang Chemical, a subsidiary of the $5 billion Shandong Yuhuang Chemical Co. Ltd. based in Shandong Province, is making its first foray outside of mainland China with the facility, said Charlie Yao, CEO of Yuhuang Chemical.
He said the complex will have an initial capacity of 1.7 million metric tons of methanol per year.
Construction will begin in 2016, with the first $750 million phase of the methanol project beginning operations by 2018. After the first methanol plant is completed, the company will build a second $500 million methanol plant and reach an annual capacity of 3.3 million tons per year of methanol. The third phase will include a methanol derivatives plant that will produce intermediate chemicals. More information can be found here.