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Ineos to invest £1bn in UK projects

Ineos has unveiled plans to invest £1bn in the UK in multiple projects. The biggest investment – £500mn – will be in the Forties Pipeline System (FPS), aiming to extend the life of the pipeline by at least 20 years, into the 2040s. The company reports that it intends to overhaul the reliability of the 500 km pipeline system, including modernising environmental systems and implementing the latest technology.

Opened in 1975, the 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 and gas to the mainland.

Commenting on the news, Oil & Gas UK Upstream Policy Director Mike Tholen says: ‘Investment of this scale in the Forties pipeline system is a vote of confidence in the future potential of the UK North Sea. The rejuvenation of this critical infrastructure, embedded at the heart of industry for nearly 40 years, strengthens our aim to add another generation of productive life to the basin outlined in Vision 2035. The modernisation programme will provide operators with a greater degree of certainty when making investment decisions about the future development plans for their assets.'

Ineos also plans to invest £350mn on the development of a new steam and power plant at its Grangemouth petrochemical and refining site, significantly improving energy efficiency and long-term reliability. In addition, £150mn is to be invested in Hull to construct a new 300.000 t/y vinyl acetate monomer (VAM) plant. 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.

News Item details


Journal title: Petroleum Review

Countries: UK -

Subjects: Banking, finance and investment, Refining, Petrochemical plants, Oil, Pipeline networks

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