MOSCOW (MRC) -- MEGlobal, a wholly-owned subsidiary of Equate Petrochemical Co., has announced its December 2016 Asian Contract Price (ACP) for monoethylene glycol (MEG) of USD900/MT CFR Asian main ports for arrival December 2016, as per the company's press release.
In making this announcement, MEGlobal offered the following observations on the current market situation. The December 2016 ACP reflects the short term supply/demand situation in the Asian market.
As MRC informed before, MEGlobal, plans to construct a new world-scale monoethylene glycol (MEG) manufacturing facility at Dow’s Oyster Creek site in Freeport, Texas. The new Oyster Creek MEG facility will be owned by MEGlobal and is the company’s first manufacturing unit in the US. The new MEGlobal plant will create 1,400 construction jobs at the project’s peak, and the company will employ approximately 50 new workers when it goes on stream in mid-2019.
MEGlobal is a world leader in the manufacture and marketing of merchant monoethylene glycol and diethylene glycol (EG). Established in July 2004, MEGlobal is a wholly-owned subsidiary of EQUATE Petrochemical Company and is headquartered in Dubai, United Arab Emirates. With approximately 200 employees worldwide, MEGlobal serves customers around the world, and has production facilities in Fort Saskatchewan and Prentiss, Alberta, Canada. EG is used as a raw material in the manufacture of polyester fibers, polyethylene terephthalate resins (PET), antifreeze formulations and other industrial products.
MRC