MEGlobal Announces ACP for MEG to Be $1,000/Mt CFT Asian Main Ports for Arrival in Aug

Ethylene glycol manufacturer MEGlobal has announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be $1,000/mt CFT Asian main ports for arrival in August 2015.

The new price is $100/mt lower than July 2015 ACP of $1,100/mt.

The August 2015 ACP reflects the short term supply/demand situation in the Asian market, MEGlobal said on its website.

Last year, MEGlobal initiated FEED study for construction of new MEG manufacturing facility to be built on the US Gulf Coast. The plant is expected to be on stream in 2018.

Established in 2004, MEGlobal is a joint venture between The Dow Chemical Company of the United States, and Petrochemical Industries Company (PIC) of Kuwait. MEGlobal is one of the world's leading suppliers of MEG and diethylene glycol (DEG), collectively known as ethylene glycol (EG).

With approximately 200 employees worldwide, MEGlobal serves customers around the world, and has production facilities in Fort Saskatchewan and Prentiss in Alberta, Canada.

EG is used as a raw material in the manufacture of polyester fibers, polyethylene terephthalate resins (PET), antifreeze formulations and other industrial products.