State, company receive Outstanding FDI Partnership Award at China General Chamber of Commerce gala
The State of Louisiana and Shandong Yuhuang Chemical Group jointly received an Outstanding FDI Partnership Award on Monday night, with the annual Foreign Direct Investment honor presented by the China General Chamber of Commerce at its 2019 Annual Gala in New York. Louisiana Economic Development Secretary Don Pierson and company executive Charlie Yao accepted the award.
Yao serves as CEO of Yuhuang Chemical Industries Inc., a subsidiary of China-based Shandong Yuhuang Chemical Group Co. Ltd. After selecting Louisiana for a major methanol production complex, Yuhuang Chemical began building a world-scale methanol facility two years ago as part of a $1.85 billion project that ultimately will include three phases. In addition to creating 200 direct jobs with an average annual salary of $85,000, plus benefits, the Yuhuang Chemical project will result in an estimated 1,250 new indirect jobs and will generate 2,100 construction jobs at peak building activity. YCI Methanol One, being completed with joint venture partner Koch Methanol Investments LLC, is the first phase of the project and will include 100 permanent direct jobs after creating 1,500 construction jobs.
Read more about the announcement.