09 August 2013 22:32 [Source: ICIS news]
The Associated Press reported that the Joint Committee on the Budget postponed a decision on millions of dollars worth of incentives due to uncertainty among lawmakers about the true cost of those incentives.
Stephen Moret, economic development chief for state Governor Bobby Jindal, was reported to have said that the postponement sends the wrong message to Sasol and to other industries that might look to locate or expand in
The committee is likely to meet again in two weeks, if not sooner, to take up the issue again, according to the report.
Sasol already has spent millions of dollars on the project and is in the front-end engineering and design (FEED) stage. Emerson Process Management, which will automate the facility, has said that Sasol plans to spend $16bn-21bn (€12bn-16bn) on the project.
The cracker will have a capacity of 1.5m tonnes/year, and it will cost $5bn-7bn, Sasol said.
The company expects to make a final investment decision on the project in 2014, and operations should start in 2017.
($1 = €0.75)
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