M&G Group has signed a licensee agreement with Mexican petrochemical company Alpek for IntegRex PTA technology, which will be used in its Corpus Christi PTA-PET plant construction project in the US.
M&G previously announced the construction of a 1,200,000mt per annum PTA plant at Corpus Christi, Texas, for which it has signed a $1bn engineering, procurement and construction (EPC) contract with Sinopec Engineering in January 2013.
The Italy-based company's engineering arms, Chemtex Global and M&G Finanziaria will provide critical equipment and services on a subcontracting basis to SEG.
Alpek has also purchased a multiyear sourcing agreement for $350,000,000, covering rights to 400,000mt of PET (made with 336,000mt of integrated PTA) annually.
M&G will completely own, construct and operate both the PET and PTA plants and is said to use the majority of the 600,000mt of PET and 864,000mt of PTA output to grow with its North American PET clients.
M&G CEO Marco Ghisolfi said, "It is through the combination of the up-scaled IntegRex PTA technology and the innovative M&G Easy-up PET Technology that we will be introducing at Corpus Christi the most efficient, state of art, PTA-PET plants in the Americas."
Both the plants are expected to commence production in 2016.
