Castleton Commodities International LLC is investing $1.2 billion in a new methanol manufacturing plant along the Mississippi River in the Braithwaite area of Plaquemines Parish.

The project will create 50 new direct jobs with an average annual salary of about $72,000, plus benefits. In addition, Louisiana’s economic development department estimates the project will result in 291 indirect jobs.

The plant announcement was made Friday by CEO William C. Reed II and Gov. Bobby Jindal.

Stamford, Connecticut-based CCI anticipates beginning construction in 2016, with an estimated two-year build-out. The project will support about 1,000 construction jobs.

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

“The project location situated along the Mississippi River near New Orleans makes the site ideal for use in multiple projects,” Reed said. “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.”

LED began working with CCI in September 2013. The state offered the company an incentive package that includes use of the state’s FastStart job-training program and likely use of the state’s Quality Jobs and Industrial Tax Exemption programs.

Castleton Commodities International LLC, formerly Louis Dreyfus Highbridge Energy, is a global commodities merchant. The company markets a range of commodities, including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power, coal and financial instruments related to commodities.

CCI employs more than 500 people in Connecticut; Texas, Utah, Colorado, Alabama, New York, Calgary, Canada; Geneva, Switzerland; Montevideo, Uruguay; Singapore; and Shanghai, China.