- We are obviously disappointed by the decision of the Council for Permit Disputes in Flanders to annul the permit for Project ONE. We are now, in consultation with our stakeholders and advisors, carefully studying the decision to understand it and to review our options.
- Using state of the art technology Project ONE will be one of the most energy-efficient and raw materials efficient olefin complexes in Europe. We have been working on this groundbreaking and unique project for five years now and our efforts were recognized as our permit request was given the green light, first by the Province of Antwerp in December 21, and reconfirmed – after an appeal - by the Minister of Environment Zuhal Demir in June 22.
- As previously disclosed, the project is partially funded using a €3.5 billion project financing facility, which closed in February 2023. This facility is currently €522 million drawn. As a result of the annulment of the permit, no further drawings may be made until such time as a new permit is reissued. Under the terms of the facility there is a period of up to 18 months to achieve this.
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INEOS Group Holdings