Alpek, S.A.B. de C.V. (“Alpek”) announced that Corpus Christi Polymers (“CCP”) has decided to temporarily pause construction of its integrated PTA-PET plant in Corpus Christi, Texas.
Assessing Options to Optimize the Project’s Costs and Timeline
Alpek, along with its joint venture partners in CCP, has been committed to the development of this facility. However, due to high inflationary rates, construction and labor costs have surpassed original expectations.
Consequently, the partners have decided to pause and further assess options to optimize the project’s costs and timeline. The site will be properly preserved to be able to resume construction in the future.
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Alpek remains committed to maximizing value from CCP,” stated Jorge Young, Alpek’s CEO. “
We are confident that taking the time to evaluate the various options will allow us to improve CAPEX and determine the best path moving forward considering our stakeholders and customers.”
Source: Alpek