Chemical giant Ineos says it has lost €1.5 billion due to the cancellation of a permit for its ethane cracker project in the Port of Antwerp, according to Groen parliamentary group leader Mieke Schauvliege.
Speaking on Thursday in the Flemish parliament, Schauvliege said the losses stemmed from months-long delays after the project’s environmental permit was revoked in 2023.
Ineos has so far declined to disclose a figure publicly, saying only that it had suffered “significant financial damage.” Flemish Minister-President Matthias Diependaele also did not confirm the €1.5 billion estimate.
The chemical group has launched legal action, seeking compensation from the State of Belgium and Flanders, including through arbitration. Several subsidiaries have also filed claims for damages at the Antwerp Court of First Instance.
On Wednesday, Diependaele told the Flemish Parliament that Flanders rejects any liability. He said the company’s chances of success in court were “uncertain” but acknowledged that the financial stakes could be “considerable”.
The Government of Flemish remains convinced it is in the right, he said, adding that he could hardly stop anyone from going to court.
Diependaele also described the cracker project as “particularly important” for Flemish industry and the regional economy.
Green politicians, however, called Ineos’s compensation claim deeply cynical, arguing that the Flemish government had already rolled out the red carpet for the company, notably by granting it a €500 million guarantee.
Within the governing majority, Vooruit MP Hiba Faraji said she felt “bitter” about the British company’s stance.
Ineos is building the ethane cracker plant in the Port of Antwerp. In 2023, the project was halted for several months while the company waited for a new permit after the previous one was annulled.
The company has said it is investing more than €5 billion in the project.
