Formosa Gets Go Ahead for New Co-Gen Plant Charlyn Finn | 07-Mar-2008
Formosa gets go ahead for new co-gen plant
Friday, March 7, 2008 4:21 PM CST
BY CHARLYN FINN - Calhoun County Commissioners Court last week approved Formosa Plastics Point Comfort plans for a $310 million co-generation plant. Following a public hearing last Thursday, the court voted to designate the plant site as a reinvestment zone and to allow Formosa to have tax abatement.
Calhoun County Port Authority approved designating the foreign trade zone and the tax abatement earlier.
No citizens opposed the plans during the public hearing.
Formosa submitted its application in December 2007.
The new project is expect-ed to create 60 permanent jobs and the project will remain under the tax abate-ment agreement through December 2014.
The new plant will be located in Point Comfort at Formosa Plastic’s site across the Causeway Bridge. The co-gen plant will use Petroleum Coke, a residual by-product from oil refining.
The plant will have circulating fluidized bed boilers and a steam generator that will produce 300 megawatts of electricity.
It will provide a power source for Formosa.
The plant will take two years to build, and will employ 500-to-600 workers at the peak of construction activity, according to Jack Wu, vice president of business development.
The 80.59-acre tract of land upon which the plant will be constructed is being purchased from the Port Authority.
"We at Seadrift Coke, LLP have learned that Calhoun County EDC is an extremely helpful part of our team. Throughout our transition to new ownership and expansion planning, we have met local professionals, financial leaders, service providers and vendors of all types that have become significant parts of our operations. When the State's motto says, "Texas is Wide Open for Business," we know this is especially true in Calhoun County."
