Wood has secured a new contract with INEOS for its landmark project to build a propane dehydrogenation (PDH) and the first ethane gas cracker in Europe for 20 years – Wood Plc announced on its website
Wood has been appointed program management partner for the duration of the project and will oversee the execution of the new petrochemicals complex, situated in Antwerp, Belgium.
Effective immediately, the contract will be delivered by the company’s multi-disciplinary capital projects team based in Reading, UK and at the site in Antwerp.
“We are delighted to support INEOS as part of an integrated project management partnership to deliver this strategically important development for the European petrochemicals industry” – Dave Stewart, CEO of Wood’s Asset Solutions business in Europe, Africa, Asia & Australia, comments
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.
May 10, 2019