en.Wedoany.com Reported - British chemical company INEOS is investing €4.5 billion to build a next-generation petrochemical complex in Antwerp, Belgium. Dubbed "Project ONE," the facility aims to produce ethylene while significantly reducing carbon emissions. Designed to emit two-thirds less than the European average, the plant is considered one of the most energy-efficient facilities of its kind in Europe.
The investment comes at a time when the European chemical industry is facing severe headwinds. Over the past three years, rising energy costs and declining competitiveness have led to the closure of around 200 chemical plants in Europe. While many companies have chosen to downsize or relocate to the United States and China, INEOS is doubling down on Europe, claiming this is the only new cracker built in Europe in three decades.
INEOS emphasizes that ethylene is a fundamental building block in the chemical value chain, widely used in sectors such as healthcare, pharmaceuticals, food production, clean water, communications, energy, and defense. The company argues that without such chemicals, Europe would struggle to maintain critical functions in healthcare, food, and defense, and points out that the investment is equally important for Europe's climate goals, balancing emissions reduction with supply chain independence.
However, "Project ONE" did not receive funding from the EU Innovation Fund. While the fund claims to focus on energy and industrial decarbonization, INEOS questions the consistency of its selection criteria, warning that if such flagship low-carbon projects are excluded, the EU could hinder its own industrial transformation. INEOS calls on the EU's newly launched "ETS Investment Booster" to provide tangible support for large-scale, real-world projects.
Company CEO Sir Jim Ratcliffe stated: "If Europe is serious about supporting its industrial decarbonization investments, then this fund needs to back real-world, real-time investments like 'Project ONE.' Otherwise, industry will lose what little confidence remains in Europe, and 'Project ONE' could become Europe's last meaningful investment in the trillion-euro chemical industry. 'Project ONE' needs Europe's support."
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