27 February 2019
DETAILS
one of the world’s leading manufacturing companies,
is to invest £1 billion in the UK
INEOS will invest £500 million in
the Forties Pipeline System, prolonging
the life of the North Sea’s main oil and gas artery
into the 2040s
INEOS will invest £350 million at Grangemouth
in a new energy plant
INEOS will invest £150 million in Hull
to build a 300,000 tonne per year VAM
(Vinyl Acetate Monomer) plant.
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INEOS is to invest £1 billion in the UK
in multiple projects designed to ensure
its British assets stay world class for a generation.
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Sir Jim Ratcliffe,
INEOS founder and chairman
“INEOS is a supporter of British manufacturing
and this £1 billion investment underlines
our confidence in our business in the UK.
These investments will ensure that
our UK assets continue to be world class
for many years to come”
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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.
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.
Andrew Gardner,
INEOS FPS CEO
“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.”
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The second INEOS investment is another chapter
in the renaissance of the Grangemouth site.
The £350 million investment will allow for
the development of
a new steam and power plant, delivering significantly
improved energy efficiency and long-term reliability.
Tobias Hannemann,
CEO O&P UK
“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.”
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In addition, INEOS will invest £150 million in Hull
to construct a new
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.
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.
Graham Beesley
CEO of INEOS Oxide
“This is an exciting time for INEOS
and great news for manufacturing in the region.
We are proud to be bringing production
of this important material back to the UK.
This will not only strengthen UK manufacturing
but boost exports from the UK
to Europe and the rest of the world.”
Contacts
Andrew McLachlan (Media Zoo)
020 7384 6980 or 07931 377162
David East (INEOS)
01324 476948
WWW.CHEMWINFO.COM BY KHUN PHICHAI
