A proposed $9.4 billion Formosa Petrochemical Corp. project in St. James Parish was ranked as one of the nation’s top three deals in Business Facilities magazine’s 2015 Economic Development Deal of the Year competition.
Formosa, a Taiwan-based company that has operated in Louisiana for more than three decades, announced in September that it was assessing the feasibility of developing the industrial complex, which would include ethane crackers and downstream chemical manufacturing plants.
Pending a final investment decision by mid-2016, Formosa would develop the project in two phases on the west bank of the Mississippi River, near the Gramercy bridge. The project would create 1,200 new direct jobs with an average annual salary of $84,500, plus benefits, and result in an estimated 8,000 new indirect jobs.
Business Facilities presented 30 project nominations announced in 18 states during 2015 to an independent panel of judges that made the final selections for the 2015 Economic Development Deal of the Year competition. Judges selected a $417 million investment in a Goodman Global Group manufacturing and corporate campus in Houston, with 4,600 new jobs, as the Gold Award winner. The Silver Award went to South Carolina’s $500 million Volvo assembly plant, with 4,000 new jobs, followed by Formosa as the Bronze Award winner.