The M&G Group Signs USD 1 Billion EPC Contract with Sinopec Engineering Co., Ltd. for the Construction of its Corpus Christi PET/PTA Plants
January 11, 2013 at 06:30 pm IST
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The M&G Group announced that it has signed a USD 1 billion engineering, procurement and construction contract with Sinopec Engineering (Group) Co., Ltd. for the turnkey construction in Corpus Christi integrated with the western world's single line PET plant with a capacity of 1 million tons per year (2.2 billion pounds), integrated with the western line PTA plant with a capacity of 1.2 million tons per year (2.6 billion pounds). M&G's engineering arms, Chemtex Global S.a r.l. and M&G Finanziaria S.r.l., will provide critical equipment and services on a subcontracting basis to turnkey contractor SEG. The completion of construction of the plants, including the time required to obtain necessary permits, is expected to occur within 36 months.
Sinopec Engineering Group Co Ltd is a China-based company mainly engaged in the engineering, procurement and construction contracting (EPC) business. The Company operates four segments. Engineering, Consulting and Licensing segment provides design, consulting, research and development, feasibility studies, compliance certification services to oil refining and chemical industries. EPC Contracting segment provides integrated engineering, procurement, construction, maintenance and project management services to oil refining and chemical industries. Construction segment provides infrastructure for oil refining and chemical industries, oil and gas storage, pipelines transportation, construction, renovation, expansion, repair and maintenance services and large equipment lifting and transportation services in construction projects. Equipment Manufacturing segment engages in the design, development, manufacture and sales of equipment and spare parts for oil refining and chemical facilities.