M&G to invest $1 billion in PET and PTA plants in USA
The Italian company Mossi & Ghisolfi Gruppo (M&G Group) made the final investment decision (FID) for to build a greenfield polyethylene terephthalate (PET) and purified terephthalic acid (PTA) plants in Corpus Christi in Texas, USA.
M&G Group is a wholly owned family company with head quarters in Tortona, 70 kilometers south of Milano, in Italy.
M&G is organized in three Business Units:
– Chemtex, the engineering and design branch of the Group which had been acquired in 2004 from Mitsubishi.
– Bio-polyester Feedstocks to develop all the processes to produce PET resin 100% from renewable resources.
They use M&G Group PROESA proprietary technology.
Chemtex Business unit provides engineering, procurement and construction (EPC) services in petrochemical polymers, fibers and biofuels with PET R&D centers in Rivalta in Italy, Sharon in Ohio, USA, and Pocos de Caudas in Brazil
As part of development program, the Bio-polyester business unit investigates the capabilities of multiple sources of raw materials to produce polyester.
On September 2012, M&G completed the acquisition of the land on the north bank of the Viola Channel in the Port of Corpus Christi in Texas, USA, because of its perfect location for import and export feedstock and production.
M&G selected Sinopec Engineering for EPC contract
On January 2013, M&G Group selected Sinopec Engineering Group Corporation Ltd (SEG or Sinopec Engineering) to award its $1 billion lump sum turn key (LSTK) contract for the engineering, procurement and construction (EPC) of this PET and PTA complex.
Sinopec Engineering Group or SEG is the newly formed engineering subsidiary created by China Petrochemical Corporation (Sinopec) in combining all its Chinese Institutes of engineering and construction in a single entity.
Built around the Sinopec Engineering Incorporation (SEI), Sinopec Engineering accumulates 60 years of experience in downstream processes engineering and construction to become the largest petrochemical engineering services company in China.
Located in Corpus Christi, the M&G Group PET and PTA project will be erected in one of the most active petrochemical center in USA and in the world with no less than six refineries in operations around.
The financing of the project is provided by the Industrial and Commercial Bank of China (ICBC) and the Mexican Banco Inbursa.
This project is one more example of the series of major petrochemical projects planned in USA by non American companies willing to benefit in the same time of the low cost shale gas feedstock and of the opportunities given by the world largest consumers market.