Italian PET producer, M&G Group has signed a $1bn engineering, procurement and construction (EPC) contract with Sinopec Engineering for PET plant construction in Corpus Christi, Texas, US.
The single line PET plant is said to have a capacity of one million tons per year, integrated with the western single line PTA plant with a capacity of 1.2 million tons annually.
According to M&G, its engineering arms, Chemtex Global and M&G Finanziaria, will provide critical equipment and services on a subcontracting basis to contractor SEG.
The bank financing for the project will be provided by Industrial and Commercial Bank of China and Mexican bank Banco Inbursa, while the company will be the sole owner of the plants and singularly responsible for their operation.
M&G purchased the land, in September 2012, where the new PET and PTA plants will be constructed within 36 months.
The new plants are expected to generate about 250 new jobs and an additional 700 indirect positions are anticipated, while as many as 3,000 jobs are likely to be created during the construction period.