A Project Management Question about Success and Failure

According to your project management best practices concept of success, do you think that the project described below is successful? Or, do you think it is not? Please explain your answer. Your valuable professional input is much appreciated. Thanks in advance.

PROJECT BACKGROUND

A $3.5billion petrochemicals project was earmarked to produce 175 metric tons per year from its Polyethylene (PE) Plant and 175 metric tons from Polypropylene (PP) plant. The baseline production target date was projected to be delayed by four months or more due to the design, equipment and material issues of the standby extruder/pelletizing mechanical train of the PP and PE unit. Stakeholders and sponsors were nervously and eagerly awaiting to start production as orders were already piled, lined up for the next twelve months. A month of delay in production will be very costly. To the sponsors, a day delay