INEOS secures finance for green cracker in Europe

Chemical company, INEOS Olefins Belgium has 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.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.’‘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,’ he adds.