MOSCOW (MRC) -- INEOS has announced Antwerp as the location for its new petrochemical investment, as per the company's press release.
The EUR3 billion investment will be the biggest ever made by INEOS and is first cracker to be built in Europe in 20 years.
The investment is a game changer for the chemical sectors and will bring huge benefits to the Belgium and wider European economies.
Sir Jim Ratcliffe, Founder and Chairman of INEOS says: "Our investment in a gas cracker and world-scale propane dehydrogenation (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 sector."
INEOS has announced that Antwerp, Belgium will be the location for its multi-billion Euro project for an ethane gas cracker and world-scale PDH unit in Europe. The EUR3 billion investment is the largest investment in the European chemicals sector in 20 years and could be a game changer for the Belgium economy.
Sir Jim Ratcliffe, CEO and Chairman of INEOS said: "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."
The new petrochemical 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.
INEOS already has a major presence in Belgium, employing 2500 people across 9 manufacturing sites, with 6 of these located in Antwerp and 3 Research and Technology centres.
John McNally, CEO of the Project said: "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."
Rob Ingram, CEO INEOS Olefins & Polymers Europe. North said: "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."
As MRC reported before, in July 2018, petrochemicals company INEOS announced that it will invest EUR2.7 billion (USD3.15 billion) to build a new chemical cracker and PHD unit in northwest Europe. This is the first cracker to be built in Europe in 20 years and both facilities will benefit from US shale gas economics, adding that the location of the site will be announced soon and the project will be completed in four years.