INEOS acquires Grangemouth power plant from Fortum for £54 million
Additional investment further supports the competitiveness of the Grangemouth site as INEOS begins construction of its new £300 million ethane terminal.
INEOS Industries Holdings Ltd has agreed to acquire the Combined Heat and Power Plant (CHP) from Fortum, that serves the Grangemouth site, for £54 million. Grangemouth CHP, currently owned and operated by Fortum, is a natural gas-fired combined heat and power (CHP) plant located at the Grangemouth petrochemical site and refinery in Scotland.
Competitive, efficient energy is a critical element necessary to secure the long term future of the Grangemouth site. The acquisition sits hand in hand with the £300 million infrastructure project at the site to import and store ethane, an essential raw material for the petrochemical plant.
John McNally , CEO INEOS Olefins & Polymers UK, Grangemouth, says: “These investments demonstrate what is possible at Grangemouth and represent another key milestone in creating a successful future for the site and those businesses that depend upon its continued presence in Scotland.”
Commissioned in 2001, the Grangemouth power plant's power generation capacity is 145 megawatts (MW) and heat generation capacity of 257 MW. It provides electricity and steam to INEOS’ petrochemical operations. Excess electricity is sold to the National Grid. Fortum will continue to provide operations and maintenance (O&M) services at the power plant in the future.
"The Grangemouth CHP plant is a highly efficient and modern power plant, and as INEOS has a long term plan to develop the Grangemouth site, this was a good opportunity for both companies. We look forward to our continued partnership with INEOS, providing O&M services at the site", says Sasu Valkamo, Vice President, Nuclear & Thermal Power Division at Fortum.
For further information:
David East, Communications Manager, INEOS O&P UK, Grangemouth, tel. 01324 476948
Richard Longden, Communications Manager, INEOS, tel. +41799626123
Sasu Valkamo, Vice President, Nuclear & Thermal Power Division, tel. +358 50 453 2232