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INEOS to invest £1 billion in UK

27/02/2019
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One of the world’s leading chemicals, energy and manufacturing companies INEOS has today announced its plans to invest £1 billion in the UK through a series of new projects designed to ensure that the company’s assets ‘stay world class for a generation’.
The biggest part of INEOS' £1bn investment in the UK will focus on the Forties Pipeline System.
(The biggest part of INEOS’ £1bn investment in the UK will focus on the Forties Pipeline System. Image via INEOS).

 The biggest investment being announced is in the Forties Pipeline System (FPS). This £500 million investment will transform the asset and extend the life of the pipeline by at least twenty years, into the 2040s.

The project will involve a complete overhaul of the reliability of the 500km pipeline system, including modernising the environmental systems and implementing the latest technology into its systems. Originally opened in 1975, the FPS is considered 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. 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,” says Andrew Gardner, INEOS FPS CEO.
INEOS' site in Grangemouth will also benefit from £350 million of additional investment.
(INEOS’ site in Grangemouth will also benefit from £350 million of additional investment. Image via INEOS).

The second major investment will see £350 million put into INEOS’ Grangemouth site for the development of a new steam and power plant, delivering significantly improved energy efficiency and long-term reliability.

Tobias Hannaman, CEO O&P UK says: “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 economy”.

The third major investment that INEOS will be making in the UK is at Hull where the company will be building a £150m Vinyl Acetate Monomer (VAM) plant. This will bring production of an important raw material back to the UK. The capacity at the site is expected to be 300,000 tonnes per year. VMA 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.

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https://www.linkedin.com/in/philip-sjolander-2b5809155/
Eco Land and Sea , 27 February 2019
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INEOS to invest £1 billion in UK - Time to read 3 min
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