Ineos has announced plans to invest €3 billion in an ethane gas cracker and world-scale PDH unit in Antwerp.
The investment will be the biggest ever made by Ineos and its first cracker to be built in Europe in 20 years. The company says this investment is a game changer for the chemical sector and will bring significant benefits to the Belgium and wider European communities.
The new complex will be co-located with Ineos' existing sites in Europe making polymers and will be connected by pipeline to a number of INEOS ethylene and propylene derivative units in the region. The company will take over unused parts of concessions held by neighbouring companies, ensuring maximum integration with the existing chemical industry.
The new production plants are expected to be operational by 2024.
Sir Jim Ratcliffe, founder and chairman of Ineos, says: 'Our investment in a gas cracker and world-scale PDH unit is the largest of its kind in Europe for more than a generation and is an important development for the European petrochemical industry. We believe this investment will reverse years of decline in the European chemicals sector.'
Rob Ingram, CEO Ineos olefins & polymers Europe North adds: 'The addition of these world-scale assets, using cutting edge technologies that are also highly energy efficient, will give us a competitive and sustainable cost base. We believe this will significantly strengthen the whole of the ethylene and propylene derivative chains within Ineos and allows us to continue to support the growth and development of our customers for years to come.'
Jacques Vandermeiren, CEO of Antwerp Port Authority, says: 'It is naturally very good news that Ineos has selected our port for this major new investment. It once more demonstrates that we are the largest integrated chemical cluster in Europe are very attractive to international investors.
This mega-investment brings the total amount of new capital expenditure that we have attracted to Antwerp over the past year to more than €5 billion.'
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