€3.7 billion Saudi investment in Antwerp port cancelled

The deal, announced two years ago, involved the construction of a plant to turn recycled plastic into chemicals. ERS had reserved the site, and the port authority had agreed under certain conditions, including financial pledges and the treatment of waste materials.

In the ensuring two years, the requirement to create a Belgian company to operate the site (pictured) was never met. When ERS asked for more time to comply just before the deadline, the port authority assessed that the project was never going to be realised under its conditions, and the reservation of the site was cancelled.

According to Marc Van Peel, Antwerp city councillor in charge of port affairs, ERS is to blame for the cancellation of the agreement. “It was the company that said it was unable to meet the conditions laid down by the port authority,” he said.

The port authority board will now issue an international call for tenders for new projects for the former Opel site, and ERS is free to apply anew. The offer is aimed at attracting a major industrial investment.

“We are seeking an industrial investor that can provide a high level of employment opportunities and added value,” the port authority said in a statement.

Photo courtesy ondernemeninantwerpen.be