M&G Group will use Alpek's IntegRex PTA technology in the construction of its previously announced 1.2 million tonne per annum PTA plant at Corpus Christi, Texas, US.
The Italian chemical engineering and manufacturing group has signed a licensee agreement with Alpek, a Mexican petrochemical company.
Furthermore, the company announced that Alpek has purchased a multiyear sourcing agreement for a price of $350m, covering rights to 400,000t of PET (made with 336,000t of integrated PTA) annually.
Both the PET and PTA plants will be completely owned and independently constructed and operated by M&G.
The majority of the plants' output, including 600,000t of PET and 864,000t of PTA, will be used to grow with the company's PET clients in North America.
According to M&G, both the PTA and its 1 million tonnes per annum PET plant are slated to commence production in 2016.
M&G CEO Marco Ghisolfi, commenting on the development, 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."
The parties have not disclosed other terms and conditions of the agreements.
Earlier in January 2013, M&G had signed a $1bn engineering, procurement and construction contract with Sinopec Engineering for the construction of the single line PET plant integrated with a single line PTA plant in Corpus Christi.
Image: M&G will use Alpek's IntegRex PTA technology in its PTA-PET construction project; Photo: Courtesy of Toa55