Incentive package offered by the state to Formosa’s US$9.4 bln petrochemical project to stay

24-Feb-17

As Formosa Plastics Group seeks permits to build a US$9.4 bln industrial complex in St. James Parish more than a year after first announcing plans for the project, the state’s economic development chief says incentives offered to the company in 2015 are still on the table. In a statement, Louisiana Economic Development Secretary Don Pierson says LED has been “fully engaged” with Formosa, and there have been no delays on the state’s part to bring the project to fruition. When the plans were first unveiled in September 2015, Louisiana offered Formosa an incentive package that includes a US$12 mln performance-based grant to offset infrastructure costs. The incentives are contingent on the company’s investment in Louisiana, completion of the project and the hiring of Louisiana workers for jobs.