Home / Knowledge / News / Textiles / Ineos to invest €2.7 bn in new petrochemical complex
Ineos to invest €2.7 bn in new petrochemical complex
04
Jul '18
Courtesy: Ineos
Courtesy: Ineos
Ineos, one of the world’s largest manufacturers of chemicals and oil products, has approved a €2.7 billion capital project to build both a world scale ethane cracker and a propane dehydrogenation (PDH) unit in Northern Europe. This will be the first new cracker built in Europe for two decades. Both units of the plant will benefit from US shale gas economics.

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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 30th May 2020

Iran sees high level of illegal apparel imports

Iran suffers from a high level of illegal apparel imports, with about ...

Pic: ASOS

Fashion | On 30th May 2020

Asos Marketplace sees increase in growth

In the times of lockdown, Asos Marketplace has witnessed strong...

Pic: Otrium

E-commerce | On 30th May 2020

Otrium raises €24 mn to extend fashion's life cycle

Otrium, an online fashion marketplace that helps global and...

Interviews View All

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Textile industry, Head honchos

Textile industry
Head honchos

South India has a very strong manufacturing base

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Amol Bhagwati,

Amol Bhagwati

A textile finishing solution provider, Inspiron Engineering Private...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search