Chemical concern INEOS invests 3 billion euros in port of Antwerp
INEOS, one of the largest chemical concerns in the world, has chosen the port of Antwerp as the location for a mega-investment of 3 billion euros representing 400 new jobs. The capital outlay is the largest in the European chemical industry in the past two decades. With the securing of this large-scale investment project Antwerp further reinforces its role as the largest chemical cluster in Europe.
Largest investment in the European chemical industry in 20 years
INEOS plans to build a brand-new propane dehydrogenisation (PDH) plant and an ethane cracker unit in Antwerp. These will respectively convert propane into propylene and ethylene as the raw materials for chemical products. These products find their way into many industries including car manufacturing, building construction, clothing, cosmetics and personal grooming products, pharmaceuticals, electronics and packaging materials.
Antwerp as most attractive location
Earlier this year INEOS announced that it planned a large-scale investment for further expansion of its chemical production facilities. Various European locations were considered, but ultimately the British chemical group opted for Antwerp. In the words of INEOS CEO and chairman Jim Ratcliffe: “There are three reasons why we have chosen for Antwerp. We started here in 1998 (…). We know the people here and have nine plants in Belgium and 2.500 employees, and Antwerp is highly competitive regarding connectivity with the European chemical cluster”. Of crucial importance is the fact that INEOS’ products will be destined for the many companies in the Antwerp chemical cluster.
Port of Antwerp as most competitive chemical cluster in Europe
The investment by INEOS confirms and strengthens the competitiveness of Antwerp’s chemical cluster in Europe. Earlier in 2018 also the Austrian chemical concern Borealis announced it would invest 1 billion euros in the port of Antwerp. Jacques Vandermeiren, CEO of Antwerp Port Authority comments: “It is naturally very good news that INEOS has selected our port for this major new investment. It once more demonstrates that we as the largest integrated chemical cluster in Europe are very attractive to international investors. This mega-investment brings the total amount of new capital expenditure that we have attracted to Antwerp over the past year to more than 5 billion euros. This will undoubtedly help to secure the presence of industry here in Antwerp.”
New plants operational by 2024
The new production plants of INEOS are expected to be operational by 2024. Once the plants are up and running they will provide 400 full-time jobs directly and five times that number indirectly. Some 3,000 people will be employed during the construction phase.
For more information about the investment by INEOS visit:
For more information about Antwerp’s chemical cluster visit businessinantwerp.eu.