News alert: Shell shelving plans for $12.5 billion GTL facility in Capital Region
In a stunning setback for Louisiana's string of investment successes, Shell has announced it is shelving plans to build a massive gas-to-liquids (GTL) complex near Sorrento in Ascension Parish. Initial estimates were that the project represented a $12.5 billion investment for the multinational energy giant in the state. “Shell's abrupt decision to cancel its North American GTL project just 10 weeks after concluding a multi-year site-selection process is obviously very disappointing news,” says LED Secretary Stephen Moret in a statement to Daily Report. Saying that the state and its economic development apparatus did everything it could to secure the Shell investment, Moret acknowledges, “Shell appears to have determined that a U.S. GTL project is not as certain to be as profitable for their shareholders as other opportunities.” In a separate press release, Shell CEO Peter Voser credits “the Governor of Louisiana, his staff, Parish officials, regulators and the community” for their assistance during the site-selection process, adding that “the company looks forward to continuing a long, successful relationship with the state.” Moret added that there are billions in other construction projects still on the boards for Louisiana, “so Louisiana's economic outlook remains very bright.” Read Daily Report PM today for further details. —Staff report
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