14-02-2023
INEOS secures financing for project one
INEOS Olefins Belgium has today announced it has raised €3.5 billion to support the construction and operation of the most environmentally sustainable cracker in Europe.
This is the largest investment in the European chemical sector for a generation. The plant will have the lowest carbon footprint in Europe, three times lower than the average European steam cracker, and less than half that of the 10% best performers in Europe.
The plant also has the capability of operating entirely with low carbon hydrogen as well as room for a carbon capture facility and future electric furnaces.
Jason Meers, CFO INEOS Project ONE says “Project ONE is a game changer for Europe. It will bring new opportunities to the chemical cluster in Antwerp as well as strengthen the resilience of the whole of the European chemical sector”.
Supported by 21 commercial banks, the deal validates the strong commercial rationale of the project and its leading environmental characteristics. The debt will be drawn in stages to support the spend profile of the project through to completion.
It comprises €1.5 billion of uncovered debt, €1.2 billion of covered facilities from export credit agencies UKEF, Cesce and SACE; and an €800 million covered tranche of which up to €500 million is guaranteed by Gigarant (a vehicle of the Flemish Government that provides loan guarantees).
Jason Meers, CFO INEOS Project ONE adds: “We are thrilled to reach this milestone and secure this funding. Bringing together such a large number of environmentally focused commercial banks alongside four governmental agencies demonstrates the huge importance of the project.
The cracker will produce ethylene, which is a vital raw material for a wide range of products essential to our daily lives, from insulation, to lightweight vehicles, plastics for medical, healthcare and food hygiene, as well as technology for renewable energy.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Sasol provides state of the art catalysts to INERATEC for the production of sustainable e-fuels
The catalysts will be used, among others, in the first large-scale industrial Power-to-Liquid (PtL) plant that INERATEC is currently building in Frankfurt, Germany, which ...
24-04-2024
-
Baker Hughes to supply 17 centrifugal compressors to Saudi Master Gas System project
Baker Hughes, an energy technology company, announced Tuesday that it has received an order by Worley, for and on behalf of Aramco, to supply gas technology equipment ...
23-04-2024
-
SABIC Fujian Petrochemicals select Phenol yechnology from KBR
KBR announced today it has been awarded a contract by SABIC Fujian Petrochemicals to license KBR's market-leading phenol technology in China. Under the terms of the ...
22-04-2024
-
Lummus Expands R&D capabilities to enhance innovation and water and wastewater technologies
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced the opening of its cutting-edge research and development (R&D) ...
17-04-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024