NATCHEZ, Miss. (AP) — Velocys recently announced that it has signed an option for a 100-acre site in Natchez, Mississippi. The British company aims to build a $300 million refinery in southwest Mississippi to turn wood into the equivalent of diesel or jet fuel.
Chandler Russ of economic development agency Natchez, Inc. says Velocys plans 40 refinery jobs averaging $100,000 yearly in pay and benefits, and could indirectly support 100-plus forestry jobs paying $40,000 on average. Russ says Adams County will pay for levee upgrades and donate land — a package worth $4 million — if Velocys obtains $300 million in financing.
He says Adams County would cut property taxes by two-thirds, worth $42 million. Velocys says it would also get $15 million in state tax breaks, but Mississippi's state government isn't contributing money upfront.
