Ineos will spend EUR 3 billion on a gascracker plant and a propane-dehydrogenation (PDH) unit in the Port of Antwerp, announced the Swiss company in a press release Wednesday.
The investment is Ineos' largest ever. According to the company, it spells positive news for both the Belgian economy and the European petrochemical sector:
"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," said Sir Jim Ratcliffe, CEO and Chairman of Ineos.
The new petrochemical complex will be connected to Ineos' existing locations in Europe, including pipelines to the whole of the ethylene and propylene derivative chains within the company, adds Ineos in the press release.
Ineos currently has a significant presence in Belgium, where the company already has 2,500 employees divided among nine production entities, six of which are in the Port of Antwerp.
"The selection of Antwerp as a location for these new assets is a significant step-forward for the development of this project. This decision builds upon our long-standing relationship with the Port of Antwerp, the City of Antwerp, and the governments of Flanders and Belgium," said John McNally, CEO of the Project.
Over the past year, Ineos has also moved closer to the North Sea, for example with the acquisition of Dong Energy's oil and gas assets in the area.
English Edit: Lena Rutkowski