INEOS: Project ONE could be Europe’s last petrochemical investment
- INEOS commits €4.5bn to build an Antwerp ethylene cracker (Project ONE).
- Project ONE cuts CO2 emissions by two-thirds versus the European cracker average.
- It is the first new cracker in Europe in 30 years, amid ~200 plant closures in the last three years and capital moving to the US and China.
- Project ONE received no Innovation Fund support; inclusion in the new ETS Investment Booster is deemed decisive for future petrochemical investments in Europe.
Investment
INEOS plans a €4.5bn Antwerp ethylene cracker (Project ONE), described as the first new steam cracker to be built in Europe in 30 years.
Emissions and product
Company estimates claim Project ONE will cut CO2 emissions by two‑thirds versus the European cracker average while producing ethylene, a primary feedstock for the wider chemical industry.
Strategic importance
Ethylene-based products support sectors including healthcare, pharmaceuticals, food, clean water, technology, energy and defence; local production is presented as key to supply security and competitiveness amid roughly 200 plant closures in the past three years and capital moving towards the US and China.
Funding and policy risk
The project did not receive support from the EU Innovation Fund; stakeholders view the Commission’s new ETS Investment Booster as a credibility test—failure to back large-scale, near-term decarbonisation projects risks further investor withdrawal and could threaten Europe’s petrochemical capacity.
Source: INEOS