A.P. Moller Holding, majority owner of shipping giant Maersk, plans an initial investment of 1.5 billion euros ($1.7 billion) for the construction of a fossil-free plastics production facility in the Belgian port of Antwerp, it said on Monday.

The plan comes as the Danish holding company announced the founding of Vioneo, a venture seeking to transform plastics production.

"Vioneo intends to establish its first production complex in Antwerp, Belgium, Europe's largest integrated chemical cluster. The Antwerp plant will benefit from the region’s expertise in the chemicals industry, strong export facilities and access to renewable energy," A.P. Moller Holding said in a press release.

The project represents a 1.5 billion euros initial investment, with a Potential Final Decision (FID) in 2025, the investment company said, adding that the success of the venture remains dependent on stakeholders' support.

The facility, set to be developed within Vopak Energy Park Antwerp, will benefit from the support of Dutch tank storage firm Vopak and the Port of Antwerp-Bruges, the Belgian port authority said in a press release.

Vioneo's Antwerp plant is expected to start commercial operations in 2028, with the creation of around 250 permanent positions once the facility is fully operational, the Danish holding firm said.($1 = 0.8959 euros)