Whatever a human life requires for the survival is made up of chemical products or have high contribution in making the products. Chemical industries has noteworthy contribution in the production or manufacturing wide range of industrial products. This industry facilitate the conversion of raw materials into desired products for the daily use, leading to tremendous change in the way things are operated. The chemical industry sector has experienced 13-14% growth in the past five years.
Keeping the importance of chemical industry in mind, Ineos is planning to construct a new ethane cracker unit and propane dehydrogenation (PDH) plant in Port of Antwerp, Belgium.
Investing the amount worth €3bn ($3.4bn), Ineos intent to set up a unit which leads a conversion process of propane to ethylene and propylene. These products will be used as raw materials for chemical products in different industrial verticals. This will be counted as company’s largest investment plan whose major motive is expansion of its chemical production facilities.
Port of Antwerp authority CEO Jacques Vandermeiren stated: “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.
“Furthermore, propylene and ethylene are the starting points for many other processes, so production of these basic components will further strengthen our raw materials position in the chemical industry and indeed many other industries in our country.
“This mega-investment brings the total amount of new capital expenditure that we have attracted to Antwerp over the past year to more than €5bn.”
The construction of these new plants will be in existing site in Lillo. With the inception of this new facility, the expected profits include creation of 400 plus employment opportunities in the region as the commercial operations begin in 2024. The projected is projected to offer employment for nearly 3,000 people during the construction period of the chemical facilities.
Ineos CEO and chairman Jim Ratcliffe stated: “Our investment in a world-class ethane cracker and PDH plant is the largest of its kind in Europe in more than a generation. As such it is a major development for the European petrochemical industry.
“We believe that this investment can reverse the decline in the European chemical industry in recent years.”