Yuhuang Chemical announced today that it has closed on an $800 million funding agreement for its methanol manufacturing complex in St. James Parish—the first Gulf Coast construction project funded entirely by Chinese banks.
The complex also represents the largest Chinese-invested project in the Gulf Coast region, a news release says.
“We are thrilled to take an important step forward with our project,” Yuhuang Chemical President Charlie Yao says in a statement. “We are grateful for the support we have received and look forward to growing with St. James Parish.”
Yuhuang is building a $1.85 billion methane methane-to-methanol complex along the Mississippi River. Yuhuang, a subsidiary of Shandong Yuhuang Chemical Co. Ltd., began clearing the land to construct the complex in January. The company purchased the 1,300-acre tract, including the adjacent St. James High School campus, for $10.1 million.
The methane-to-methanol facility is expected to produce 1.8 million metric tons of commercial-grade methanol annually.
Yuhuang has planned the project in three phases and expects to complete it in about three years.
The project is expect to create more than 100 permanent jobs and 1,000 construction jobs in St. James Parish.
