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.