INEOS 2023 Review: Resolute, robust and resilient
Despite the economic downturn and industry pressures, INEOS continued to make good progress with its projects and ambitions through 2023.
Last year brought with it unprecedented times for the chemical industry. Despite the market conditions INEOS remained focused on its strategic goals: expanding its footprint in key markets, giving assets a new lease of life, innovating with groundbreaking technologies, and steering the discussion on sustainability.
Whereas 2022 was a year of two halves – a strong first half and really weak second half, 2023 was a year of two equally weak halves. Despite this, the benefit the company had from restructuring over the years helped it to remain robust financially, profitable and cash positive.
Strategically, the past year has been about Project ONE, Asia and the US but tactically, INEOS made some quality European acquisitions where they made good sense from a business perspective.
Thoughout last year INEOS remained committed to net-zero by 2050 accross a suite of projects targeting to reduce its CO2 emissions in excess of 30% by 2030.
Project Greensand also made history in March 2023 following the successful capture, transportation and storage of carbon dioxide (CO2) under the Danish North Sea – a world first. INEOS proved that it works – and is now moving from that into the commercialization phase.
Beyond chemicals, INEOS had many other reasons to celebrate. Its 25th anniversary on 5 May 2023 was accompanied by a book launch, aptly titled Grit, Rigour & Humour – the core principles behind INEOS’ growth and success since its founding in 1998. The Grenadier 4x4 off-road vehicle also rolled off the production line to great fanfare. and we’ve had lots of good feedback; we’ve been selling everything we can make.
2023 was tough but INEOS has maintained momentum and kept all our projects going. 2024 is going to be another ‘batten down the hatches’ year where the company continues its expansion, doing deals to position the business for long-term future growth.
