INEOS to invest £1billion in UK

To ensure its British assets stay world class for a generation, INEOS is to invest £1 billion in multiple UK projects.  The biggest investment being announced is in the Forties Pipeline System (FPS).

“At an uncertain moment for the country, INEOS has confidence in its businesses and is committed to continue investing in manufacturing and high skilled jobs in the UK,” said Sir Jim Ratcliffe.

This £500 million investment will transform the asset and extend the life of the pipeline by at least 20 years, into the 2040s.

INEOS intends to overhaul the reliability of the 500km pipeline system, including modernising the environmental systems and implementing the latest technology into its systems. This investment will rejuvenate FPS, delivering a long-term asset that meets the needs of North Sea oil and gas producers.

Opened in 1975, FPS is a strategic UK asset that can transport up to 600,000 barrels of North Sea oil onshore for refining every day. The pipeline transports 40% of the UK’s Oil & Gas to the mainland.

“North Sea oil and gas producers are telling us that they want to be in the North Sea well into the 2040s so we are making this commitment to be there with them,” said Andrew Gardner, INEOS FPS CEO.

“Following acquisition of FPS in 2017 we are now embarking on a period of investment that will guarantee that the system can support them for decades to come.”

 

Further renaissance at the Grangemouth site

A £350 million investment will allow for the development of a new steam and power plant, delivering significantly improved energy efficiency and long-term reliability.

“This investment forms part of our wider plans to secure a bright future for manufacturing at Grangemouth and will continue its renaissance as a world class petrochemicals site while supporting the refinery, FPS and wider UK economy,” explained Tobias Hannemann, CEO O&P UK.

Additionally, £150 million will be invested in Hull to construct a new 300,000 tonne Vinyl Acetate Monomer (VAM) plant.  VAM is a key component in a wide range of important high-end products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.

www.ineos.com/

 

Post a comment or leave a trackback: Trackback URL.

Post a Comment

You must be logged in to post a comment.