INEOS has reached a critical milestone in the construction of its €4 billion Project ONE ethane cracker, announcing that the massive facility is now 70% complete. Considered the largest investment in the European chemical sector in a generation, Project ONE is being developed at full pace at the port of Antwerp and represents a significant commitment to the region’s industrial future.

INEOS Founder and Chairman Sir Jim Ratcliffe, along with co-owners Andy Currie and John Reece, welcomed Belgian Prime Minister Bart De Wever to the site this week. The visit marked the Prime Minister’s first return since the groundbreaking ceremony in December 2022 and served as an opportunity to witness the transformative progress firsthand. With more than 2,500 workers currently on site, construction has ramped up significantly over the past year, and major components, such as large furnaces and modular process units, have already been installed.

“The progress on INEOS Project ONE is highly impressive and confirms why I have always fought for this project,” said De Wever. “What we are seeing here is the positive impact of investing in modern technologies that dramatically cut CO2 emissions and secure our prosperity for the future. We need to bring this belief in progress back to politics and into the public conversation.”

INEOS has adopted a modular construction strategy to accelerate development, using its strategic access to Antwerp’s deepwater port to transport preassembled units directly to the site. This approach has enabled faster installation and reduced on-site congestion, resulting in more efficient project execution. Civil construction is nearing completion, and the integration of vital utility infrastructure is advancing steadily.

The company has established key partnerships with infrastructure providers such as Elia, Fluxys, and Waterlink to support the site’s complex utility needs. One of the major installations, the Power Intake Station—designed to deliver 380,000 volts of electricity to power operations—is on track for commissioning later this year, after the summer. Mechanical completion of the cracker is targeted for the end of 2026, with full plant operations expected to begin in early 2027.

During the visit, Ratcliffe highlighted broader challenges confronting European industry. “Project ONE is the first new cracker built in Europe in a generation — and that’s part of the problem,” he said. “While the rest of the world is moving ahead with more than 20 new crackers, Europe is sleepwalking into industrial decline. High energy prices, complex permitting, and punishing carbon taxes are deterring investment. INEOS is making a major commitment with this €4 billion project, but the private sector cannot reverse this trend alone. We need urgent political will and strong industrial ambition.”

Project ONE stands not only as a symbol of innovation but also as a pivotal turning point for the future of sustainable chemical manufacturing in Europe.