M&G to Build World’s Largest PET Plant in Brazil

The M&G Group today confirmed plans to build the world’s largest PET plant near the town of Ipojuca which is in the State of Pernambuco, North Eastern Brazil. The new plant will have a capacity of 450kt/year (approximately 990 million lbs/year) and is expected to come on-stream in late 2006. In addition, M&G confirms that it is actively studying options to vertically integrate the new PET plant.

The M&G Group today confirmed plans to build the world’s largest PET plant near the town of Ipojuca which is in the State of Pernambuco, North Eastern Brazil. The new plant will have a capacity of 450kt/year (approximately 990 million lbs/year) and is expected to come on-stream in late 2006. In addition, M&G confirms that it is actively studying options to vertically integrate the new PET plant. For this purpose, on December 15th 2004, M&G signed a Memorandum of Understanding with Petrobas to start the evaluation of possible joint investments upstream in the PET chain. However, the evaluation into additional investment opportunities requires further research before any firm commitment can be made. M&G is excited about the prospects of cooperating with Petrobras and will approach this feasibility study with vigour and cooperation characteristic of the M&G Group.