The company has announced investments in three projects – a 658 million dollar investment in the Forties Pipeline System, a 460 million dollar investment for the development of a new steam and power plant, and a 197 million dollar investment in Hull to construct a new Vinyl Acetate Monomer plant.
UK – Ineos has plans to invest 1.3 billion dollars in the UK in multiple projects designed to ensure its British assets stay world class for a generation.
The biggest investment being announced is in the Forties Pipeline System (FPS). This 658 million dollar investment will transform the asset and extend the life of the pipeline by at least twenty years, into the 2040s.
The company 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.
The second Ineos investment is another chapter in the renaissance of the Grangemouth site. The 460 million dollar investment will allow for the development of a new steam and power plant, delivering significantly improved energy efficiency and long-term reliability.
In addition, the firm will invest 197 million dollars 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.