The plant was purchased for $1.1B, and would be the largest of it's kind in the world.
"With the full support of the joint venture partners, we look forward to building a world-class organization and state-of-the-art asset," Corpus Christi Polymers’ chief executive, Russell Wilson, said in the news release.
From a jobs standpoint, the project will employ about 2,400 workers at peak construction, eventually leading to 250 full-time employees, according to the release.
Sited in Port Corpus Christi near railroads, highways, and the Gulf of Mexico, the CCP PET-PTA plant sits on 410 acres along the port’s north bank of the Inner Harbor, within a couple of miles of refineries from which the plant is to receive its feedstock.
Startup is expected in early 2025, with construction set to resume in August of 2022.