INEOS announces investment plans
Published by Callum O'Reilly,
INEOS has confirmed plans to invest £1 billion in the UK in multiple projects.
The company 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 tpy. 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 said: “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.”
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 20 years, into the 2040s.
INEOS intends to overhaul the reliability of the 500 km 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.
The company will also invest £350 million at the Grangemouth site, which 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, said: “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.”
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/27022019/ineos-announces-investment-plans/
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