Italy-based Mossi & Ghisolfi (M&G) signed a $1 billion engineering, procurement and construction contract with Sinopec Engineering for turnkey construction of planned polyethylene terephthalate (PET) and purified terephthalic acid (PTA) facilities in Corpus Christi, Texas.
In a statement available Friday, M&G says it will build the world's largest single-line PET plant with a capacity of 1 million tpy (2.2 billion lb), integrated with the western world's biggest single-line PTA plant with a capacity of 1.2 million tpy (2.6 billion lb).
"This is the largest PET investment ever in the western world and probably one of the largest investments recently announced in the US in the private sector," said Marco Ghisolfi, CEO of M&G's polymers business.
"It combines the excellence of the Corpus Christi site, the excellence of state of the art technologies, and the excellence of geographical heterogeneous project participants in their respective fields of competence being production of PET/PTA, engineering and construction of chemical plants or banking and financials services.
"It shows that good projects attract the very best even in the current economic downturn."
M&G's engineering arms, Chemtex Global S.a r.l. and M&G Finanziaria S.r.l., will provide critical equipment and services on a subcontracting basis to turnkey contractor Sinopec, according to the company.
The completion of construction of the plants, including the time required to obtain necessary permits, is expected to occur within 36 months.
M&G will be the sole owner of the plants and solely responsible for their operation.
"The awarding of this important contract to SEG is a big milestone for entering the North America EPC market, which is a part of[our]business strategy to diversify from coal chemicals to polymers," said Yan Shaochun, CEO of Sinopec Engineering.