A noteworthy transformation has been observed in the recent past within the global chemicals market. And various prominent as well as budding companies are contributing to the growth of the market. Another such addition is by the Ineos that is intending to establish a new ethane cracker unit and a PDH (propane dehydrogenation) plant in Port of Antwerp, Belgium.
Built with $3.4 Billion (€3 billion) expenditure, the plants will transform propane into ethylene and propylene, which will be utilized in numerous industries as raw substances for chemical products. The investment is a component of the large-scale investment plan of the firm that intends to enlarge its chemical production facilities.
Jacques Vandermeiren, Port of Antwerp authority CEO, stated, “Ethylene and propylene are the preparatory points for several other processes, so manufacture of these essential constituents will further reinforce our raw materials spot in the chemical industry and certainly several other industries in our nation. This mega-investment fetches the total sum of new capital expenses that we have drawn to Antwerp during the past year to over €5 Billion.”
The new units will be set up at the existing site of Ineos in Lillo. Further, the new units are anticipated to generate 400 new job opportunities in the area once commercial processes start in 2024. The project, during the construction phase, is anticipated to offer employment for around 3,000 individuals. Thus, it can be said, the establishment of new facilities is likely to pave way for new avenues in the chemicals market.
Jim Ratcliffe, Ineos Chairman and CEO, stated, “Our pending in a world-class PDH and ethane cracker plant is the biggest of its sort in Europe in over a generation. Per se, it’s a key improvement for the European petrochemical industry. He further said, “We consider that this investment can overturn the drop in the European chemical industry observed in recent years.”