July 3, 2018 / 7:37 AM / 5 months ago

Ineos to invest 2.7 billion euros in 2 chemical plants in Europe

A logo is pictured in the headquarters of INEOS chemicals company in Rolle, Switzerland, November 13, 2017. REUTERS/Denis Balibouse

OSLO (Reuters) - Petrochemicals company Ineos [INEOSH.UL] will invest 2.7 billion euros (2.40 billion pounds) to build a new chemical cracker and a propane dehydrogenation (PHD) unit in northwest Europe, the company said on Tuesday.

This is the first cracker to be built in Europe in 20 years and both facilities will benefit from US shale gas economics, it said, adding that the location of the site will be announced soon and the project will be completed in four years.

This new investment follows a decision taken by Ineos last year to increase the capacity of its existing crackers.

Reporting by Lefteris Karagiannopoulos, editing by Gwladys Fouche

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