More Expansion at Port—More Good Economic News for Lake Area
I think it's safe to say that, if all the projects slated for SWLA come to fruition, we have a n incredible economic future.
In addition to the expansion at Sasol, the Port of Lake Charles has announced more expansion at that facility!
First, G2X Energy plans to build a $1.3 billion natural gas-to-gasoline project on the Industrial Canal across from Calcasieu Point. Now, Magnolia LNG announces plans for a $2.2 billion export facility to be located on land in the same area along Henry Pugh Road, east of Calcasieu Point.
Maurice Brand is the Joint CEO of Liquefied Natural Gas Limited. He made a presentation to port commissioners.
Brand said they hope to begin construction within 24 months.
The initial investment will be about $2.2 billion for the first phase, another $2 billion for the second phase in the future.
"The LNG will be exported to free trade agreements with the U.S. states, we'll engage about 1000 people through the construction phase and up to 75 during operating period," he said.
Brand said there will be indirect jobs as they use services offered by the community. Brand explained they will first export 4 million tons and double that if they can find customers. He said liquefying the natural gas allows them to transport it.
"It's like storing in a freezer and it's kept cold there for many, many days and then we transfer that as liquefied gas from a short pipeline into a ship and then the ship takes it off to its market in Asia or the Caribbean or wherever you happen to secure customers," he said.
Also, commissioners approved a lease of port property for G2X Energy of Houston, expected to create 243 new jobs with an average salary of $66,500, plus 748 new indirect jobs.