INVESTMENT continues to flow into Scotland following the foundations laid a number of years ago with INEOS’ ground-breaking project to bring US shale gas to Europe. In total the site benefited from about £450 million of investment.
That decision changed the fortune and brought about a renaissance of chemical manufacture at the Grangemouth site.
The latest good news will see the replacement of an ageing energy plant with a £350 million highly-efficient power station, which will also improve the site’s reliability.
“It is all part of our wider plans to secure a bright future for manufacturing in Scotland,” said Tobias Hannemann, CEO O&P UK.
The new energy plant will not only be able to provide steam and power to the Petroineos crude oil refinery, INEOS O&P’s petrochemical production plants and the INEOS Forties Pipeline System, but any other industries tempted to move there and benefit from its location, infrastructure and supply of US shale gas ethane feedstock.
The new energy plant will benefit from significantly lower SOX, NOX and CO2 emissions, helping to improve the environmental footprint of Grangemouth.
“This investment is good for business and the environment as reduced energy costs improve the competitiveness of the site,” said Tobias. “The new plant will be highly efficient and provide secure energy and utilities as the site grows over the coming decades.”
INEOS wants to develop its world-class petrochemical facility at Grangemouth into a centre of excellence and chemical sciences manufacturing hub.
It is a vision it has shared ever since those first shipments of shale gas began arriving from the US in 2016, and preparations to ensure it happens are already underway.
Old plants and empty buildings are being demolished to make way for future developments and investments.
There is a huge tank on the site where the ethane gas from the US is stored, as well as INEOS’ new four-storey HQ, which has brought together 450 people who work for INEOS O&P.
By 2022 the new power station will be part of the site’s ever-changing skyline.