Grangemouth £300 million Survival Plan reaches latest milestones
INEOS O&P UK is today announcing that it has reached the latest milestones in its £300 million survival plan to import US shale gas to Grangemouth.
The Company has confirmed TGE as the preferred bidder on the Grangemouth Ethane tank build contract. TGE is well placed to deliver this project as it is already building the ethane import terminal for INEOS in Norway. Both companies have now signed a Heads of Terms for delivery of the project in Scotland. The ethane gas terminal is essential as the company looks to replace the existing North Sea feedstocks that are fast running out and will enable Grangemouth to compete long-term.
Harry Deans, CEO INEOS O&P UK, says, “The ethane tank will be the biggest in Europe. It is a crucial part of our survival plan that will enable us to import shale gas from the USA. By 2016 Grangemouth will be a shale gas based facility, essential for it to become a profitable business again.”
As part of the survival plan announced last year INEOS is also moving ahead with the closure of its old ethylene cracker (G4) and the associated Butadiene (BE3) plant with immediate effect. These plants date from the 1960’s and their closure will allow the Company to concentrate on increasing the production from its much more modern and efficient KG ethylene cracker. The plant closures are also fully consistent with the business survival plan.
All INEOS employees affected by this change will continue to be employed in roles across the Grangemouth site as it works to deliver its long-term plan for the future.
Harry Deans adds, “Both G4 and BE3 plants are no longer commercially viable. Both facilities date from the 1960’s and their closure is another key part of our survival plan. We are pleased to be able to redeploy all affected staff into other roles across the Grangemouth site as we focus on the future.”
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