Busted

Cheap oil continues to unravel the "Louisiana Miracle."

South African energy giant Sasol will delay making a final investment decision on its proposed gas-to-liquids plant in the Lake Charles area because of the collapse in oil prices.

Sasol will continue to work on the project although “at a much slower pace,” President and Chief Executive Officer David Constable said.

The gas-to-liquids plant makes up the bulk of an estimated $22 billion complex.

The GTL complex would produce more than 96,000 barrels of diesel fuel, naphtha and other chemical products each day. The facility would have created 750 permanent jobs.

Very high profile project. Could not have been more over-hyped.. although Bobby Jindal did try.. as Clay observed earlier.

Governor Jindal said, “We are proud that Sasol is following through with its commitment to invest in this historic manufacturing project, and that the company is developing a project to the highest environmental standards in our state’s history. Thousands of high-paying construction jobs will be created by this world-scale chemical project, and thousands more permanent jobs will result when this ethane cracker complex begins operating in just a few short years.

 

“Today, Louisiana is the epicenter of an industrial renaissance surpassing anything we’ve witnessed since perhaps the industrial revolution in 19th-century America. With projects like Sasol’s historic manufacturing investment in Louisiana, we truly are reaping the benefits of having the nation’s best business climate and a workforce that is second to none in the world. Indeed, Louisiana is the new frontier for business investment, and the best place in the world to live, work and raise a family.”

Guess we're gonna have to wait a little bit longer for the re-dawning of the 19th Century.  Bobby tried to welcome it back last weekend but it looks like nobody showed up for that.