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Ho-hum, just a $4.25B Jindal announcement for Louisiana
Written by  // Wednesday, 10 December 2014 15:02 //

jindal-betJust another Louisiana economic development announcement for Louisiana Governor Bobby Jindal, this one for $4.25.

In part, due to the strong growth of the liquefied natural gas industry in Louisiana and the US, economic development announcements like the one today has become someone of a regular, ho-hum, event.

 

It shouldn’t be.

Today’s announcement is for $4.25 billion and expands the already-growing opportunities for Southwest Louisiana and stands with the other roughly sixty-billion dollars worth of anticipated projects for the state.

Here is the press release from the Jindal media office

Today, Governor Bobby Jindal and William Wicker, CEO of Venture Global LNG LLC, announced the company will invest $4.25 billion to build a new liquefaction processing complex and liquefied natural gas export terminal. The facility will be constructed on the Calcasieu Ship Channel at Calcasieu Pass.

The Venture Global LNG project will create 100 new direct jobs, with salaries averaging $70,000 per year, plus benefits. Louisiana Economic Development estimates an additional 326 new indirect jobs will result in Southwest Louisiana and surrounding parishes, with the development of the new LNG facilities expected to generate 1,500 construction jobs in the region.

Governor Jindal said, “Venture Global’s investment in Louisiana is the latest in a long list of projects here in Southwest Louisiana that showcase our state’s energy infrastructure and our outstanding skilled workforce. Cameron Parish supports energy investment because it offers great access to both natural gas supplies and deepwater access for shipping LNG to customers around the world from right here in Louisiana. More and more companies are investing here in Louisiana because of our strong business climate, and that includes billions of dollars in new energy investment for projects like Venture Global LNG. These types of advancements are putting Louisiana on the map for next-generation energy infrastructure and will support quality jobs in our state for decades to come.”

Construction is expected to begin at the 203-acre Venture Global site in the third quarter of 2016. The liquefaction facilities will be placed into operation in late 2019.

“The Venture Global export facility in Cameron Parish, Louisiana, will meet a global market demand for affordable, clean, American-produced liquefied natural gas,” Wicker said. “The Calcasieu Pass project is expected to be a low-cost producer in the region. The Venture Global LNG best-in-class team, flexible technology solution and efficient business model will make it possible to deliver reliable, safe, low-cost LNG exports, changing the LNG market. Louisiana has become one of the most attractive states to do business, particularly in the energy sector, and we look forward to contributing to the Louisiana success story.”

LED began formal discussions about the project with Venture Global in June 2013. The company is expected to utilize Louisiana’s Quality Jobs and Industrial Tax Exemption programs as it hires employees and places the capital project in service.

“The Cameron Parish community is proud to welcome the Venture Global LNG export facility,” said President Kirk Quinn of the Cameron Parish Police Jury. “The development will create quality, high-paying jobs and revenue for the area. We look forward to seeing this community grow and prosper economically from the impact of the export and storage facilities.”

With a planned export capacity of 10 million metric tons when fully developed, the facility will accommodate oceangoing vessels with a carrying capacity of up to 185,000 cubic meters of liquefied natural gas.

“The Venture Global LNG export facility puts Cameron Parish at the forefront of liquefied natural gas trade,” said Stephen Broussard, West Cameron Port District director. “Due to the geographic location, and the depth of the Calcasieu Ship Channel, this project has a significant opportunity to bring vast economic prosperity to the area.”

Venture Global expects to source its feed gas for the Calcasieu Pass complex from one of the most liquid and robust natural gas trading areas in North America, including several major interstate and intrastate natural gas pipelines located nearby.

“The Venture Global LNG project supports our mission to remain a globally competitive economy in Southwest Louisiana,” said David Conner of the Southwest Louisiana Economic Development Alliance.

 


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