Italy's M&G Group (M&G) recently announced that it has signed a US$ 1 billion engineering, procurement and construction contract ("EPC Contract") with Sinopec Engineering Group (SEG) for the turnkey construction in Corpus Christi, Texas of its PET/PTA plants. Together, they will be merging the world's largest single line PET plant, with a 2.2 billion pound capacity per year, with the western world's largest single line PTA plant with a 2.6 billion pound capacity per year. The expected time required to obtain necessary permits and complete construction is within the next 36 months, and construction alone will create an anticipated 3,000 jobs. Both the Industrial and Commercial Bank of China (ICBC) and Banco Inbursa are looking forward to supplying the bank financing needed for the project. M&G will solely own the PET and PTA plants and will be exclusively responsible for their management.

The land where the PET and PTA plants will be constructed was purchased on September 12, 2012, from the philanthropic organization The Robert Driscoll and Julia Driscoll and Robert Driscoll, Jr. Foundation. Corpus Christi, the eighth most populous city in Texas, is located on the Gulf of Mexico, with the Port of Corpus Christi being the fifth largest port in the United States. To support the anticipated traffic growth on the port, the Corpus Christi Port Authority announced they will be doing a major rail expansion. With Corpus Christi's own international airport, many major highways, and the Port of Corpus Christi, the PET and PTA plants will be of easy access to everyone.