INEOS to invest €200m in its European Oxide business
INEOS has celebrated its 20th anniversary at its first site in Antwerp and to mark the occasion, INEOS Oxide has announced plans to invest €200m into its business, with €150m of this to be spent directly at its Zwijndrecht site, in Antwerp, where its incredible story of success began in 1998.
This latest round of investment will fund projects that will grow Ethylene Oxide storage and distribution, debottleneck its plants and increase the production of Ethylene Oxide derivatives for the European Market. A sixth alkoxylation unit in Antwerp is due to start up at the end of 2018, along with a 2,000 tonne expansion of ethylene oxide (EO) storage capacity at the site. The company is also upgrading EO production at Lavéra, France to support the growing EO needs in Europe. This phase of investment will improve reliability, efficiency and availability of its business in Antwerp, Belgium as well as sites in Köln, Germany and Lavéra, France.
The company has also reached an agreement with RWE to buy the Inesco Combined Heat and Power (CHP) Plant on the INEOS Zwijndrecht site in Antwerp. This acquisition will ensure the continued, reliable supply of steam, as a critical feedstock, to the INEOS plants on the site as well as our 3rd party co-siting partners. The transaction is expected to close before the end of the year, subject to approvals from the relevant regulatory authorities.
Philippe Muyters, Flemish Minister for Work, Innovation and Sport said,“Adding value. That is what INEOS and, by extension, the chemical industry does. INEOS not only is one of the largest petrochemical companies in the world, its products make a significant contribution to improve lives all over the world. This is not a coincidence: the company truly realises that innovation, collaboration and talented staff are the building blocks of success. Congratulations with your 20th anniversary, I am looking forward to the next 20 years of excellence.”
Graham Beesley, CEO of INEOS Oxide said: “We are marking INEOS’ incredible global success at the place where it all began twenty years ago. To highlight our ongoing commitment to Ethylene Oxide, the first business to be bought by INEOS, we are announcing European investment of €200m, with €150m to be spent here at the Zwijndrecht site in Antwerp.”
For more information visit: www.ineos.com
17th September 2018
