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Over billion dollar project announced for Beaumont - 12 News KBMT and K-JAC. News, Weather and Sports for SE Texas

Over billion dollar project announced for Beaumont

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BEAUMONT -

A company putting down roots in Beaumont could add jobs and money to our economy.

OCI announced Thursday "project firewater, "the construction of a new Greenfield world scale methanol plant.

The plant, at a cost of over a billion dollars, will sit on 514 acres of land off highway 69.

City and county leaders along with Texas Secretary of State John Tteen were in attendance for Thursday's announcement.

The plant is expected to have a capacity of up to 5,000 metric tons per day.

Officials say it is expected to generate 3,000 temporary jobs and over 200 permanent jobs.

9:30 A.M.: NEWS RELEASE ISSUED BY THE GOVERNOR'S OFFICE

AUSTIN – Gov. Rick Perry today announced Natgasoline LLC is expanding its Beaumont operations, creating 240 jobs and a projected capital investment of more than $1 billion. The state is providing $2.1 million through the Texas Enterprise Fund (TEF) to close the deal on this expansion and job creation. Execution of the state's agreement is contingent upon finalization of a local incentive offer as required by program criteria.

"Texas has created a job-friendly economic environment through our low taxes, smart regulations, fair courts and skilled workforce that welcomes world-class companies looking to expand or relocate their operations," Gov. Perry said. "Natgasoline's commitment to expanding and creating jobs in Texas further strengthens our energy industry and continues the Lone Star State's longstanding role in fueling the nation."

With this TEF investment, Natgasoline plans to create a new methanol production facility in Beaumont, which will be the largest methanol plant in the U.S. The new facility will convert natural gas into methanol, a key building-block chemical of which the U.S. imports 80 percent of its demand.

"Following the success of OCI Partners LP's Beaumont facility, OCI is pleased to have selected the State of Texas once again to expand its North American methanol activities," said Nassef Sawiris, CEO of OCI N.V., Natgasoline's parent company. "The effort shown by Gov. Perry and the Beaumont community reaffirms our commitment to Beaumont and the state of Texas."

 "I greatly appreciate the cooperative assistance the governor's office has given us through the TEF in bringing this project to Texas," Jefferson County Judge Jeff Branick said. "This continues the 10 year legacy of numerous industries choosing to locate in Jefferson County's business friendly environment."

 The Legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007, 2009, 2011 and 2013 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state's most competitive tools to recruit and bolster business. To date, the TEF has invested over $508 million and closed the deal on projects generating 69,873 new jobs and more than $23.6 billion in capital investment in the state.

 For more information about the TEF, please visit http://www.texaswideopenforbusiness.com/incentives-financing/tef.php or http://www.governor.state.tx.us.  

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