LONDON: UK group Ineos on Tuesday announced the largest investment in the European chemicals sector in 20 years, with plans to build a new plant in Belgium.
Ineos named Antwerp as the location for the gas-altering facilities, at a cost of 3.0 billion euros ($3.42 billion).
"We believe this investment will reverse years of decline in the European chemicals sector," said Ineos chief executive Jim Ratcliffe, who is the UK's richest man.
Ineos said it would be the "first cracker to be built in Europe in 20 years".
It added: "The investment is a game changer for the chemical sectors and will bring huge benefits to the Belgium and wider European economies."
Belgian Prime Minister Charles Michel tweeted his delight at the news:
"On this decisive #Brexit day @INEOS announces biggest investment in European chemical industry in decades!"
He added that the investment was "another sign of Belgium's attractiveness as top location for business!"
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