INEOS has announced plans to invest £60 million to expand its Grangemouth site. It has awarded a contract to build an additional furnace on its KG ethylene plant to Selas-Linde GmbH, Germany.

This significant investment affirms the Company’s commitment to UK manufacturing at a time when it is in decline across many industrial regions across the country. The addition of a tenth furnace, will improve efficiency of the plant and increase its production capacity, to ensure the business can continue meet growing demand for its products.

John McNally, CEO of INEOS O&P UK says: “Our plans to invest in the UK with the further expansion of our plant at Grangemouth, has been made possible because we now have access to the raw materials that we need. The successful completion in 2016 of our project to bring to Grangemouth plentiful supplies of competitive US shale gas ethane over a long-term agreement, has breathed new life into the plant.”

“Production from Grangemouth provides vital raw materials used extensively throughout UK industry. Having additional furnace capacity, will provide a range of future opportunities not just for INEOS and for the site but also for the heartlands of manufacturing in Scotland and the North East and North West of England.”

“It is entirely fitting that we make this announcement in the year we celebrate 25 years of continuous manufacture of ethylene on the KG plant. Investment into our Chemicals’ business in Scotland alone has already surpassed £500m in the last 5 years. This latest announcement demonstrates INEOS’ on-going commitment to its manufacturing operations at Grangemouth and investment into the UK.”

Subject to planning approval, preparatory project work will begin later in 2018, with the main construction work starting in 2019 and commissioning towards the end of 2020.

About INEOS

INEOS www.ineos.com is one of the largest chemicals companies and the 200th largest businesses in the world. It employs around 19,300 people across 181 sites in 22 countries with sales in 2017 of $60bn and EBITDA close to $7bn. The company has grown rapidly in the petrochemicals sector over the past 20 years, with more recent focus broadening its activity into the Upstream E&P sector.

INEOS is currently a Top 10 company and the biggest private enterprise operating in the North Sea. Its oil and gas activities comprise six different businesses including INEOS Shale, focused on onshore gas development; INEOS Oil & Gas UK operating in the UK southern North Sea as well as non-operated assets West of Shetland; INEOS FPS, which runs the Forties Pipeline System, recently acquired from BP; INEOS Upstream Services; INEOS Oil & Gas Denmark and INEOS Oil & Gas Norway running assets recently acquired from DONG Energy . It has about 1000 employees and capabilities to take on further projects and growth.