Ineos plans to build its biggest chemicals plant yet
Ineos is to build a massive new chemical plant in what it says is the industry’s largest investment in Europe in 20 years.
Following a decision made last year to increase the capacity of its crackers, materials supplier Ineos has announced plans to invest 2.7 billion euros (US$3 billion) in an ethane cracker and propane dehydrogenation (PDH) plant in northern Europe.
This will be the first new cracker built in the region for more than 20 years and Ineos’ biggest investment to date.
“This is the largest investment to be made in the European chemical sector for a generation,” Ineos founder and chairman Jim Ratcliffe said in a statement. “It will be a game changer for the industry and shows our commitment to manufacturing.”
The precise location for the proposed cracker and PDH unit has not yet been determined, but it is “likely” to be on the coast of northwest Europe, Ineos said. “A project team has been assigned to consider options and the project is expected to be completed within four years,” the company said.
The plant will require several thousand workers to build it, and about 450 to operate it once finished.
“This new investment builds on the huge investment we made in bringing U.S. shale gas to Europe and will ensure the long-term future of our European chemical plants,” Ratcliffe said.
The announcement represents the latest in a series of significant investments Swiss-based Ineos has made in ethane logistics recently, coming on the heels of investments at its cracker site in Grangemouth, Scotland and at Rafnes in Norway.