Project ONE: Ineos raises €3.5bn funding for sustainable cracker in Belgium

Ineos Olefins Belgium has secured €3.5 billion investment for its Project ONE, which includes the construction and operation of a new green cracker in Belgium.

The new cracker, with a carbon capture facility and future electric furnaces, will produce ethylene and is run on low carbon hydrogen.

Situated in Antwerp, the facility 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, and is expected to reach a zero carbon footprint.

Jason Meers — Ineos Project ONE CFO said: “We are thrilled to reach this milestone and secure this funding.

“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.”

Project ONE: Ineos raises €3.5bn funding for sustainable cracker in Belgium. Photo courtesy of INEOS.

Supported by 21 commercial banks, the investment constitutes €1.5 billion uncovered debt, €1.2 billion covered facilities from export credit agencies UKEF, SACE, and Cesce, and a covered tranche of €800 million, of which up to €500 million is guaranteed by Flemish government’s Gigarant.

At peak of construction, Ineos Project ONE is expected to provide employment to 2,500 people and thousands of indirect jobs.

The ethylene cracker in Antwerp is anticipated to go onstream in 2026. It will involve an investment of nearly €4 billion in the port of Antwerp.