Belgium – The creation of Europe’s most environmentally friendly cracker is under underway, and INEOS Olefins Belgium just disclosed that it has raised €3.5 billion to fund it.
The amount of money invested here is the largest in the European chemical sector in a generation. The plant will have the lightest carbon footprint in all of Europe, one that is three times smaller than that of a conventional steam cracker and less than half that of the top 10% of European performance.
Additionally, the complex has room for possible electric furnaces and a carbon capture facility, and it can run entirely on low-carbon hydrogen.The INEOS Project ONE will strengthen the adaptability of the entire European chemical sector and create new possibilities for the chemical cluster in Antwerp.
The agreement, which has the support of 21 commercial banks, attests to the project’s strong business case and distinctive environmental qualities. The loan will be gradually paid off to sustain the project’s ongoing spending profile.
There are covered facilities worth €1.2 billion from export credit organizations UKEF, Cesce, and SACE, covered debt worth €1.5 billion, and a covered tranche worth €800 million, of which Gigarant will guarantee up to €500 million (a vehicle of the Flemish Government that provides loan guarantees).
The cracker will produce ethylene, an essential raw material for many products used in daily lives, including as insulation, lightweight vehicles, plastics for hygienic purposes in the food, medical, and healthcare industries, and technologies for renewable energy.