Global plastics JV set to buy Texas desal plant
Plans to develop a merchant seawater desalination facility on the Texas coast took a step backwards this week, after a joint venture of petrochemicals firms Alpek (Mexico), Indorama (Thailand) and Far Eastern Investment (Taiwan) successfully bid $1.125 billion for a plastics manufacturing facility and captive 34,068m3/d reverse osmosis plant in Corpus Christi.
Project developers including Seven Seas Water had expressed interest to GWI in acquiring the desalination plant as a stand-alone asset (it was auctioned as a separate item under the bankruptcy proceedings of current owner M&G Chemicals). In January, meanwhile, the City of Corpus Christi approved an interlocal agreement with the Port of Corpus Christi to bid to acquire the plant.
The one silver lining of the desalination plant and the plastics facility being sold to the same buyer is that the new owner may yet opt to outsource the operations of the desal plant to a third-party specialist.