Todd Corporation, a family owned business based in New Zealand, has said that it is planning to invest in a project to develop the largest methanol plant in North America.

Todd Corporation, which is present across various sectors including oil and gas, energy, property, healthcare, telecommunications and wine, has said that it will provide financial backing for the project that will be developed at the Port of South Louisiana in St. James Parish. The construction work is expected to begin within this year and the operations are expected to begin operations in 2016 in the state.

It is believed that the methanol plant will convert natural gas into 5000 metric tons per day of methanol that will be used in a host of products such as plastics, polyester fibers and fabrics, pesticides, fuel additives and pharmaceuticals. The project is expected to create 63 new jobs and another 374 indirect jobs through contracts and other companies.

Louisiana Governor Bobby Jindal said in a media event that the project will be major boost to the state's economy. Todd Corporation chief executive Jon Young said that the company is interested in proving funds for three more plants during the coming 10 to 15 years in Louisiana.