M&G Finalizes Land Purchase for PET, PTA Plants in Corpus Christi
- Sep 24, 2012
Italy-based M&G Group has purchased land in Corpus Christi on which to build the world’s largest integrated polyethylene terephthalate (PET) plant. The entire M&G industrial complex in Texas will comprise a 1 million-tons-per-annum PET plant and an adjacent 1.2 million-tons-per-annum terephthalic acid (PTA) plant, according to a company statement.
Financial terms were not disclosed, but the investment is expected to generate as many as 3,000 construction jobs and support 250 direct and 700 indirect jobs.
Downstream Today reports that an important factor for choosing this location instead of other possible sites in Louisiana and Mississippi was the city’s proximity to the oil and gas discoveries in the Eagle Ford Shale. The company selected the site for the two plants back in July 2011.
The two plants will be built within the Port of Corpus Christi, currently the sixth-largest port in the United States in terms of tonnage. According to the Corpus Christi Port Authority, the port is currently expanding to become a major trade gateway for Mexico and Latin America. Additionally, a major rail expansion was announced to support anticipated growth in port traffic, according to Downstream Today.
M&G officials say that groundbreaking for the complex is expected to occur by the end of 2013, while production could begin in late 2015.
A CBRE report on the San Antonio industrial market indicates that the Eagle Ford Shale continues to be the major catalyst for the San Antonio economy and construction industry. According to a study done by the University of Texas at San Antonio’s Institute for Economic Development, the Eagle Ford Shale will create 117,000 jobs by 2021, while attracting more energy-related companies to the area.
Photo rendering of the M&G Group Apple Grove PET Plant
Chart courtesy of CBRE
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