Alpek will keep the volume of M & G PET production in the US – Alpek, the Mexican producer of petrochemical products, intends to keep the volumes of production of Mossi & Ghisolfi (M & G) polyethylene terephthalate (PET) / purified terephthalic acid (TPA) in Corpus Christi – Alpek Mossi Ghisolfi PET production USA  - Arhive

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Alpek will keep the volume of M & G PET production in the US 

 MOSCOW – Alpek, the Mexican producer of petrochemical products, intends to keep the volumes of production of Mossi & Ghisolfi (M & G) polyethylene terephthalate (PET) / purified terephthalic acid (TPA) in Corpus Christi (Texas, USA) or, perhaps, enter the joint venture in order to maintain this volume of production, ICIS reports.

Alpek, which received rights to the products of the integrated plant with a capacity of 500 thousand tons of PET per year in exchange for its raw materials, said that the company’s investors believe that the main goal of the future sale of the plant in Corpus Christi is to maintain these production volumes.

An integrated plant is still under construction, and additional capital will be needed to complete the project.  The auction regarding the bankruptcy of the plant is scheduled for early March.  The capacity of the M & G plant will be 1.1 million tons of PET per year and 1.3 million tons of TFA per year.

In Mexico, Alpek supports M & G PET production at its site in Altamira, which resumed operation in November of last year after a temporary closure due to M & G’s financial problems.  Alpek entered into an interim agreement with M & G, under which Alpek supplies raw TPA and monoethylene glycol (MEG) in exchange for PET, which is then sold to customers.

In addition, Alpek recently concluded a loan agreement for USD60 million to finance M & G to support the work of the plants in Altamira.  Alpek’s largest plant is located nearby, and CEO Jose de Jesus Valdez noted the importance for Alpek of an uninterrupted supply of TPC for the production of M & G.

Earlier it was reported that the plant with a capacity of 560 thousand tons of PET per year of M & G in Altamira was stopped after in September 2017 Alpek stopped supplying purified terephthalic acid (TPA) to the company, as well as for M & G production in Brazil, since M & G is not made payment.  M & G’s factories and assets in Altamira and Corpus Christi are likely to be put up for sale as part of the restructuring plan.

M & G is the largest buyer of TPK Alpek, which accounts for about 11% of the company’s consolidated sales.  In addition to supplies of TPC for M & G in Altamira and Brazil, Alpek has the rights to sell TFK to the spin-off M & G PET complex in Corpus Christi, Texas.

As for the acquisition of Petroquimica Suape (PQS), Alpek expects the deal to close in April or May.

The main producers of PET in the US are Indorama;  DAK, a subsidiary of Alpek, and Nan Ya.

Mossi & Ghisolfi (M & G) is a group of petrochemical and engineering companies headquartered in Tortona, Italy.

Its wholly owned subsidiary Mossi & Ghisolfi International SA (M & G International) produces PET and is one of the largest producers of packaging PET granulates in the Americas.  Total production of PET M & G International is about 1.6 million tons per year.

Alpek is the largest in Mexico and the second largest in Latin America petrochemical company.  Its activities are divided into two main segments: “polyesters” (terephthalic acid, polyethylene terephthalate and polyester fibers) and “plastics and chemicals” (polypropylene, foamed polystyrenes, caprolactam, polyurethanes and other special and industrial chemicals).

Alpek is the world’s leading manufacturer of purified terephthalic acid and polyethylene terephthalate;  it owns the largest on the continent enterprise for the production of foamed polystyrenes, as well as one of the largest polypropylene productions in North America.  Alpek currently has 19 factories in Mexico, the USA and Argentina.

mrcplast.ru

Author:   Anna Larionova