Privately held petroleum refining company Placid Refining Co. LLC plans to spend $66 million to relocate its headquarters to Baton Rouge, La., from Dallas, Tex., and modernize its nameplate-capacity 82,000-b/d refinery in Port Allen, La.
While details were not given, the company said in a Mar. 23 release that the investment will enhance refining processes at the Port Allen refinery and will continue over the next 5 years “as the company seeks to expand its footprint across the Gulf South.”
Placid Refining said it expects to create 20 new direct jobs and retain all 215 current positions at the Port Allen refinery. Louisiana Economic Development estimates the project will result in 88 new indirect jobs for a total of 108 new jobs in the region. To secure the project in Baton Rouge, the state of Louisiana offered Placid an incentives package that includes a performance-based retention and modernization tax credit of up to $500,000, the company said. The company is also expected to participate in the state’s Industrial Tax Exemption and Enterprise Zone programs.
Placid produces a full range of transportation fuels that service a variety of industries and supplies jet fuel to the US Department of Defense.
