Petrochemical giant INEOS has announced a €3 billion investment for an ethane gas cracker and world-scale PDH unit in Antwerp.
The investment is the largest in the European chemicals sector for twenty years, and has the potential to be a game changer for the Belgian and the wider European economies.
The new petrochemical complex will be located with INEOS’s existing site, 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 nine manufacturing sites.
Sir Jim Ratcliffe, Founder 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.”
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 for INEOS Olefins and Polymers Europe North, said: “The addition of the 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 the continue to support the growth and development of our customers for years to come.”