Italy's M&G Group (M&G) recently announced that it has signed a US$ 1 billion engineering, procurement and construction contract ("EPC Contract") with Sinopec Engineering Group (SEG) for the turnkey construction in Corpus Christi, Texas of its PET/PTA plants. Together, they will be merging the world's largest single line PET plant, with a 2.2 billion pound capacity per year, with the western world's largest single line PTA plant with a 2.6 billion pound capacity per year. The expected time required to obtain necessary permits and complete construction is within the next 36 months, and construction alone will create an anticipated 3,000 jobs. Both the Industrial and Commercial Bank of China (ICBC) and Banco Inbursa are looking forward to supplying the bank financing needed for the project. M&G will solely own the PET and PTA plants and will be exclusively responsible for their management.
The land where the PET and PTA plants will be constructed was purchased on September 12, 2012, from the philanthropic organization The Robert Driscoll and Julia Driscoll and Robert Driscoll, Jr. Foundation. Corpus Christi, the eighth most populous city in Texas, is located on the Gulf of Mexico, with the Port of Corpus Christi being the fifth largest port in the United States. To support the anticipated traffic growth on the port, the Corpus Christi Port Authority announced they will be doing a major rail expansion. With Corpus Christi's own international airport, many major highways, and the Port of Corpus Christi, the PET and PTA plants will be of easy access to everyone.
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About M&G Group
M&G Group, the family owned chemical engineering and manufacturing group, is headquartered in Tortona, Italy. Italy's M&G has come a long way since 1953, originally manufacturing packaging for detergents and toiletries from HDPE and PVC, to presently being one of the top three dominant producers in the Americas of PET for packaging applications. M&G became a part of the PET resin industry through its wholly-owned company, Mossi & Ghisolfi International S.A. (M&G International), who ended 2012 with a production capacity of 1.6 millions tons per annum. The plants alone are expected to generate 250 new jobs, with an additional 700 indirect positions, besides the jobs created during construction. Creating the largest PET investment in the western world, Marco Ghisolfi, CEO of M&G's Polymers Business Unit, reported he was very proud of the achievement.
