Renowned chemical company Ineos has recently announced that it will be building a massive new chemical plant with an investment around 2.7 billion euros. The investment is touted as the biggest ever made by the privately-owned UK group and the largest ever in Europe chemical industry in past 20 years.

According to sources, the move comes on the heels of Ineos’ decision to increase its capacity of crackers, which it made the previous year.

Sir Jim, founder of Ineos, was quoted stating that this is the largest investment that will be ever made in the European chemical sector for a generation. He further claims that the move clearly shows the commitment to manufacturing and is also likely to be a game changer for this sector.

Ineos’ new facility will house an ethane cracker & a propane dehydrogeneration (PDH) unit in northern Europe. These facilities are expected to take shale gases and convert them into the chemicals, that are tagged appropriately as the building blocks of industrial plastics.

For the record, Ineos in 2016 started shipping ethane from the U.S. to its Grangemouth refinery and used it as a feedstock for the petrochemical industry.

If industry experts are to be believed, the company has been taking advantage of the boom in the cheap gas from the resurgent U.S. shale gas industry and is therefore able to bring the gas economically to its two new petrochemical plants.

Ineos claims that the new chemical plant will be one among the most environmentally friendly and efficient facilities across the world and will be completed within a four-year timeline. The exact location for the proposed facility has not yet been decided, however, the company claims that the plant will require thousands of workers to build and around 450 to operate once completed.