M&G Group of the US has signed an engineering, procurement and construction contract with China's Sinopec Engineering to build a polyethylene terephthalate and purified terephthalic acid plant in Corpus Christi, Texas, the company said in a statement late Friday.
The contract is worth $1 billion, the company said. The construction of a 1 million mt/year PET plant and a 1.2 million mt/year PTA plant is expected to be completed within 36 months.
In September, the company said it bought land in Corpus Christi to build the new plants.
M&G Group, headquartered in Tortona, Italy, is a leading producer of PET resin for packaging in the Americas, with a total production capacity of 1.6 million mt/year.
