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:
-
Maximizing Performance in Oil & Gas with Real-Time Analytics
(Webinar) - In an industry shaped by fluctuating market conditions and tight operational margins, oil & gas producers are increasingly relying on data-driven strategies ...
11-06-2025
-
Unlocking the potential of waste for advanced conversion pathways
(Webinar) - This session offers a detailed exploration of HTW® gasification technology, a proven solution for converting diverse feedstocks into clean syngas, which ...
05-06-2025
-
hte and Heraeus Precious Metals collaborate on catalytic ammonia cracking
hte and precious metals specialist Heraeus Precious Metals signed a R&D service agreement. The main focus of this collaboration is the screening of different materials ...
20-05-2025
-
EDL Anlagenbau and Nuberg EPC collaboration to drive sustainable solutions
Nuberg EPC, headquartered in Delhi NCR, India, an engineering and industrial conglomerate and EDL Anlagenbau Gesellschaft mbH, based in Leipzig, Germany, one of the leading ...
20-05-2025
-
hte strengthens cooperation with Mitsubishi Chemical
hte – the high throughput experimentation company signed a contract with Mitsubishi Chemical to provide research services for the screening of MMA oxidation catalysts. ...
16-05-2025
-
ADNOC deepens energy partnerships with US Energy companies
ADNOC today announced multiple agreements with United States energy majors during the United Arab Emirates business dialogue with US President Donald J. Trump. The agreements ...
16-05-2025
-
VTTI moves to next phase for project Amplifhy following strong market interest
VTTI, a global leader in energy storage and infrastructure, is pleased to announce that following a strong market response to its request for expressions of interest, ...
15-05-2025
-
ABB selected as main automation contractor for one of the first industrial CCS clusters in the UK
ABB has been selected by integrated global energy company Eni as the main automation contractor for HyNet, one of the UK’s first industrial decarbonisation clusters ...
14-05-2025
-
Univation Technologies announces the next-generation of the UNIPOL™ PE process platform
Univation Technologies, LLC announces the next-generation of the UNIPOL™ PE Process platform with its newest world-scale licensed capacity offering of an 800,000 tonnes ...
12-05-2025
-
thyssenkrupp Uhde successfully commissions EnviNOx® emission reduction system
thyssenkrupp Uhde is proud to announce the successful commissioning of its EnviNOx® system for Covestro Polymers (China) Co. Ltd. at their nitric acid plant in Shanghai ...
12-05-2025