Ineos Plans 2 Billion Euro Petrochemical Plant Expansions
LONDON, June 12 (Reuters) - Anglo-Swiss chemicals giant Ineos plans to build a new petrochemical production plant and expand capacity at existing plants in Scotland and Norway at a cost of about 2 billion euros ($2.24 billion), the company said on Monday.
Ineos, which has in recent months made multi-billion dollar acquisitions to expand its oil and gas production business, said it would build a new propylene production plant with a capacity of 750,000 tonnes per year.
It is considering various locations for the plant, including some of its existing sites in Antwerp, it said.
Ineos will also increase ethylene production capacity at its petrochemical crackers in Grangemouth, Scotland and Rafnes, Norway to over 1 million tonnes a year each.
"These expansions and new builds will increase our self-sufficiency in all key olefin products and give further support to our derivative businesses and polymer plants in Europe," said Gerd Franken, CEO of Ineos' Olefins and Polymers North division.
Ineos is one of Europe's largest buyers of ethylene and propylene, two gases derived from hydrocarbons that are used to make plastics.
(Reporting by Karolin Schaps; Editing by Edmund Blair)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.