Europe’s Most Sustainable Cracker Secures Funding of 3.5 Billion Euros

Project One Europe’s Most Sustainable Cracker Secures Funding of 3.5 Billion Euros

2023-02-16 Source: Press release Ahlam Rais 2 min Reading Time

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Ineos Olefins Belgium has plans to develop the most sustainable cracker project in Europe – Project One. Expected to have the lowest carbon footprint of all European crackers, the project will be located in Antwerp, Belgium.

The cracker will produce ethylene, which is a vital raw material for a wide range of products essential to our daily lives. (Source: weerapong - stock.adobe.com) — The cracker will produce ethylene, which is a vital raw material for a wide range of products essential to our daily lives.
(Source: weerapong - stock.adobe.com)

London/UK – Ineos Olefins Belgium has raised 3.5 billion euros 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 of the 10 % best performers in Europe. The plant also has the capability of operating entirely with low carbon hydrogen as well as has room for a carbon capture facility and future electric furnaces.

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 European chemical sector”.

Supported by 21 commercial banks, the deal validates the strong commercial rationale of the project and its leading environmental characteristics. The debt will be drawn in stages to support the spend profile of the project through to completion.

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It comprises 1.5 billion euros of uncovered debt, 1.2 billion euros of covered facilities from export credit agencies UKEF, Cesce and Sace; and an 800 million euro covered tranche of which up to 500 million euros is guaranteed by Gigarant (a vehicle of the Flemish Government that provides loan guarantees).

Jason Meers, CFO Ineos Project One adds: “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.”

The cracker will produce ethylene, which is a vital raw material for a wide range of products essential to our daily lives, from insulation, to lightweight vehicles, plastics for medical, healthcare and food hygiene, as well as technology for renewable energy.

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