INEOS has approved to build a world-scale ethane cracker and a PDH (Propane Dehydrogenation) unit in Northern Europe with an investment of €2.7 billion. US shale gas economics will benefit both the production facilities.
Jim Ratcliffe, Founder, and Chairman of INEOS says, “This is the largest investment to be made in the European chemical sector for a generation. It will be a game changer for the industry and shows our commitment to manufacturing.”
No cracker plant was built in Europe in the past 10 years. The first new cracker built in Europe Will be one of the most efficient and environmentally friendly plants of its type in the world. The plant is expected to be built on the coast of North West Europe, but the exact location of the plant is yet to be decided. The decision on the location of the plant is expected in a short time. A project team for execution of the project is examining various options for the most suitable location of the facilities. The new project is expected to be completed within four years.
“This new project will increase INEOS self-sufficiency in all key olefin products and give further support to our derivatives business and polymer plants in Europe. All our assets will benefit from our ability to import competitive raw materials from the USA and the rest of the world”, said, Gerd Franken, Chairman INEOS Olefins and Polymers North.
“INEOS is going from strength to strength. This new investment builds on the huge investment we made in bringing US shale gas to Europe and will ensure the long-term future of our European chemical plants”, added, Jim Ratcliffe.