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The new investment follows a decision taken by Ineos last year to increase the capacity of its existing crackers. The new plant will be one of the most efficient and environmentally friendly plants of its type in the world.
“The location of the site will be determined soon, and it is likely to be on the coast of North West Europe. A project team has been assigned to consider options and the project is expected to be completed within four years,” the company said in a statement.
“This is a largest investment made in the European chemical sector for a generation. It will be a game changer for the industry and shows our commitment to manufacturing,” said Jim Ratcliffe, founder and chairman of Ineos.
“This new investment builds on the huge investment we made in bringing US shale gas to Europe and will ensure the long-term future of our European chemical plants,” he added.
The new project will increase Ineos’ self-sufficiency in all key olefin products and give further support to its derivates business and polymer plants in Europe, said Gerd Franken, chairman Ineos Olefins and Polymers North said. (RKS)
Fibre2Fashion News Desk – India
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