Gov. Perry announces TEF investment in Natgasoline
Austin, TX (KTSM) — Gov. Rick Perry today announced Natgasoline LLC is expanding its Beaumont operations, creating 240 jobs and a projected capital investment of more than $1 billion.
The state is providing $2.1 million through the Texas Enterprise Fund (TEF) to close the deal on this expansion and job creation.
Execution of the state's agreement is contingent upon finalization of a local incentive offer as required by program criteria.
“Texas has created a job-friendly economic environment through our low taxes, smart regulations, fair courts and skilled workforce that welcomes world-class companies looking to expand or relocate their operations,” Gov. Perry said.
“Natgasoline’s commitment to expanding and creating jobs in Texas further strengthens our energy industry and continues the Lone Star State’s longstanding role in fueling the nation.”
With this TEF investment, Natgasoline plans to create a new methanol production facility in Beaumont, which will be the largest methanol plant in the U.S.
The new facility will convert natural gas into methanol, a key building-block chemical of which the U.S. imports 80 percent of its demand.
“Following the success of OCI Partners LP’s Beaumont facility, OCI is pleased to have selected the State of Texas once again to expand its North American methanol activities,” said Nassef Sawiris, CEO of OCI N.V., Natgasoline’s parent company.
The Legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007, 2009, 2011 and 2013 to help ensure the growth of Texas businesses and create more jobs throughout the state.
TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state’s most competitive tools to recruit and bolster business.
To date, the TEF has invested over $508 million and closed the deal on projects generating 69,873 new jobs and more than $23.6 billion in capital investment in the state.