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INEOS invests €200 million in its Oxide business

INEOS celebrates its 20th anniversary at its first site in Antwerp. As it marks the occasion, INEOS Oxide has announced investment of €200 million into its business, with €150m of this to be spent directly at its Zwijndrecht site, in Antwerp, where its incredible story of success began in 1998.

This latest round of investment demonstrates INEOS Oxide’s commitment to its European business. Projects will grow Ethylene Oxide storage and distribution, debottleneck its plants and increase the production of Ethylene Oxide derivatives for the European Market. A sixth alkoxylation unit in Antwerp is due to start up at the end of 2018, along with a 2,000 tonne expansion of ethylene oxide (EO) storage capacity at the site. The company is also upgrading EO production at Lavéra, France to support the growing EO needs in Europe. This phase of investment will improve reliability, efficiency and availability of its business in Antwerp, Belgium as well as sites in Köln, Germany and Lavéra, France.

€150 million is to be invested directly into Antwerp and €50 million at INEOS in Köln and Lavéra.

We are also pleased to announce that agreement has been reached with RWE to buy the Inesco Combined Heat and Power (CHP) Plant on the INEOS Zwijndrecht site in Antwerp. This acquisition will ensure the continued, reliable supply of steam, as a critical feedstock, to the INEOS plants on the site as well as our 3rd party co-siting partners. The transaction is expected to close before the end of the year, subject to approvals from the relevant regulatory authorities.

INEOS Oxide’s Antwerp site was the first to be acquired by INEOS in 1998. From this one site INEOS has grown to become a global leader in petrochemicals, with interests in more than 170 sites employing 20,000 people, generating sales of around $60 billion.

Philippe Muyters, Flemish Minister for Work, Innovation and Sport said,“Adding value. That is what INEOS and, by extension, the chemical industry does. INEOS not only is one of the largest petrochemical companies in the world, its products make a significant contribution to improve lives all over the world. This is not a coincidence: the company truly realises that innovation, collaboration and talented staff are the building blocks of success. Congratulations with your 20th anniversary, I am looking forward to the next 20 years of excellence.”

Graham Beesley, CEO of INEOS Oxide said: “We are marking INEOS’ incredible global success at the place where it all began twenty years ago. To highlight our ongoing commitment to Ethylene Oxide, the first business to be bought by INEOS, we are announcing European investment of €200 million, with €150 million to be spent here at the Zwijndrecht site in Antwerp.

Agreement has also been reached with RWE to acquire the Inesco Combined Heat and Power (CHP) Plant on the INEOS Zwijndrecht site in Antwerp.

“From its beginnings in Antwerp in 1998 INEOS is today the second largest employer in the Belgium chemicals sector and one of the world’s top 50 companies. INEOS began its life as a company centred around the Ethylene Oxide molecule. It is fitting that we are continuing to invest in its production, storage, distribution and derivatives.”

To highlight our 20th Anniversary as a part of the Zwijndrecht community, INEOS will also contribute €20,000 tore-equip technical classrooms and labs at the Saint-Carolus secondary technical school in Sint-Niklaas, which is close to the site. The school offers both a "classic education plan” and a "dual learning plan" in which 50% of the time is spent in practical education in a chemical plant. It specialises in chemical process techniques and is highly successful in equipping its students with the skills necessary to provide operators and technician staff to the INEOS site.

Source: INEOS

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