- The project involves a €4 billion investment in Antwerp.
- The plant will produce ethylene and start up in 2026.
- Construction will peak with 2,500 workers and create 450 permanent jobs.
- Financing includes €1.5 billion uncovered debt and €2 billion covered facilities.
Investment and Financing
INEOS has secured €3.5 billion to support the construction and operation of a new ethane cracker in Antwerp, Belgium. This financing is the largest investment in the European chemical sector in a generation. The funding includes €1.5 billion of uncovered debt, €1.2 billion from export credit agencies UKEF, Cesce, and SACE, and an €800 million tranche, with up to €500 million guaranteed by Gigarant, a vehicle of the Flemish Government.
Environmental Impact
The new cracker will have the lowest carbon footprint of all European crackers, being three times lower than the average European steam cracker and less than half that of the top 10% best performers. The plant is designed to use low carbon hydrogen and has provisions for a carbon capture facility and future electric furnaces, aiming for a zero carbon footprint as soon as sufficient low carbon hydrogen becomes available.
Construction and Employment
The construction of the plant will peak with 2,500 workers on site and is expected to create 450 permanent jobs, including 300 payroll positions and 150 permanent contractor roles. The construction is scheduled to last four years, with the plant expected to start operations in 2026.
Production and Importance
The cracker will produce ethylene, a vital raw material for various products essential to daily life, such as insulation, lightweight vehicles, medical plastics, healthcare, food hygiene, and renewable energy technology. This project is seen as a significant step in revitalizing the European chemical industry and setting new environmental standards.
