Europe To See €2.7 Billion Petrochemical Plan Investment
Europe is set to benefit from a significant investment into its petrochemical industry.
Ineos has revealed it will plough €2.7 billion (£2.38 billion) into two new petrochemical plants situated in north-west Europe, which will require plenty of for them to function properly.
Founder and chairman of Jim Ratcliffe stated: “It will be a game changer for the industry and shows our commitment to manufacturing.”
He commented that the two plants will capitalise 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”.
The first site will transform ethane into ethylene, which can then be used to make plastics. The construction of the one million tonne ethane facility will be the first new cracker in Europe for the last 20 years.
Ineos will also build a Propane Dehydrogenation (PDH) plant, which will be used to make propylene. Both these facilities will be able to take advantage of Ineos’ access to shale gas from the USA.
It is thought that Belgium and Germany could be the chosen locations for the units, although it has not been decided yet.
Mr Ratcliffe added the new sites, which come on the back of the company’s recent decision to boost capacity of existing crackers, will help give “further support to our derivatives business and polymer plants in Europe”.
This comes after Ineos Oxide revealed its idea to expand its in Koln, Germany. Work will begin on the plant next year, with Ineos planning for it to be running by 2020.