Total to Invest €1 Billion to Modernize Antwerp Complex
Total said it will invest €1 billion in modernizing its Antwerp production complex, the group's largest refining and petrochemical platform in Europe. The company said the decision was based on its strategy to concentrate its investments on its large integrated platforms.
"The approval of this investment is a significant milestone for further development of the Antwerp facilities, to make them one of the most profitable platforms for Total's refining and chemical activities," said Patrick Pouyanné, general manager of Total Raffinage & Chemie.
Total said it will install a new refinery complex where heavy fuel oil will be converted to desulfurised diesel and domestic heating oil with ultra-low sulfur content. Production begin is slated for early 2016. The company said it will also work on a new installation for converting waste refinery gases with lower added value into cheap petrochemical feedstock to replace more expensive naphtha derived from oil. It is projected to go on stream in 2017.
Total did not disclose exact starting dates for the projects.
As a part of the modernization, the company said that it will also be closing a steam cracker as well as a production line for polyethylene. The cracker is the oldest and smallest on the Antwerp site and is no longer in use. The polyethylene production line, also the smallest and oldest, will be closed at the end of 2014, following the completion of investments in other polyethylene lines for producing new polymers, the company said. No layoffs are planned as a result of the closures. (bhs)
