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Alpek and Indorama acquire Corpus Christi PET plant for $1.1 billion
HOUSTON, March 21, 2018 (PCW) -- The Jumbo PET plant in Corpus Christi has a new owner.
Corpus Christi Polymers LLC--a newly formed joint venture between Alpek S.A.B. de C.V. and Indorama Ventures Holdings--said on Wednesday that it would acquire the plant and related asset for $1.125 billion "and other capital contributions."
Construction on Jumbo, about 80% completed, was stopped in Oct 2017 after its owner M&G Polymers filed for bankruptcy protection. The related assets are "certain M&G intellectual property" and a desalination/boiler plant providing water and steam to Jumbo.
Jumbo is designed to produce 1.1 million mt/yr PET and 1.3 million mt/yr of PTA. -- Xavier A Cronin