Commenting on the announcement that INEOS has approved a €2.7 billion (US$3 billion) capital project to build both a world scale ethane cracker and a propane dehydrogenation (PDH) unit in Northern Europe, Patrick Kirby, PCI Wood Mackenzie principal analyst, said:
"This major investment undertaken by INEOS highlights their commitment to, and confidence in, the long-term outlook for the European olefins industry.
"Within the last decade, the region has moved from protectionism and consolidation to collaboration and growth. The region continues to successfully reinvent itself as global opportunities present themselves, while strong margins and profitability over the last 3-4 years have encouraged companies to look confidently into the future.
"There are now clear signs that the European olefins industry is no longer dying or declining, but instead flourishing."