Alpek, partners will likely decide to proceed with Texas PET plant
HOUSTON (ICIS)–Alpek and its partners in a joint venture will likely decide to complete a polyester plant in Corpus Christi, Texas, the CEO of the Mexican producer said on Tuesday.
“Most likely a decision will be taken during next month – let’s say May probably – to sanction the project if all of the shareholders are in agreement,” said Jesus Valdez, CEO of Alpek. He made his comments during an earnings conference call.
Alpek is developing the project with Indorama Ventures and Far Eastern New Century. All three hold equal stakes in the joint venture, called Corpus Christi Polymers (CCP).
Valdez said the joint venture has made significant progress on the project and it has a clear view of the costs going forward.
“We have the information prepared for making a decision,” he said. “We will announce what the final decision is next month – month and a half at the most.”
The complex will include a unit that can produce 1.1m tonnes/year of polyethylene terephthalate (PET). Another unit will have a capacity to produce 1.3m tonnes/year of purified terephthalic acid (PTA).
Delays have beset the project since 2017, when Hurricane Harvey made landfall on the Gulf Coast when Mossi & Ghisolfi (M&G) still owned the site. M&G sold the project to the joint venture in bankruptcy court.