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World's largest PET plant, in Texas, set for H2 2016 operation
HOUSTON, January 6, 2016 (PCW) -- The world's largest PET plant, under construction on the Gulf of Mexico in Corpus Christi, Texas, will be operating in the second half of this year, owner M&G Chemcicals said on Wednesday.
The company has been targeting a startup for the second half but has not been more specific. "We have a number of review meetings coming up, and expect to be more precise on timing by mid February," company spokesman Terry Tyzack said.
The plant is set to produce 1.1 million metric tons/year of PET and also produce feedstock PTA. Nearly all of the PET will be targeted to US markets, M&G has said.
The plant is of keen interest to PET buyers and sellers as it would add a significant volume of prime PET resin to a US market currently saturated with PET produced in the US and imports from around the world, including Mexico, Canada, Oman, Brazil and Thailand.
Bottle-grade Prime PET produced in the US, for January railcar delivery Chicago, was down 0.25 cpp Wednesday at 53.25 cpp; February railcar delivery was also down 0.25 cpp at 53 cpp. The decrease was mostly due to Wednesday's plunging crude oil prices and the effect this has on PET feedstock costs. -- Xavier A. Cronin