"This conditional commitment represents a major milestone in the Department’s efforts to scale up carbon capture utilization and sequestration and continue American leadership in advanced fossil energy technologies," Moniz stated.
The project will reduce emissions of carbon dioxide, according to the release.
The Energy Department noted that Lake Charles Methanol anticipates some $3.8 billion in total infrastructure investment that will support the local economy and create 1,000 construction and 200 permanent jobs in Louisiana.
Methanol is one of the most widely-used industrial chemicals that can be applied to production of plastics, furniture, automotive parts and fuel blending.
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