Press Releases

• INEOS and Petroineos have entered into a Memorandum of Understanding with the Acorn CCS Project to work together to develop Scotland’s first carbon capture and storage system.
• Operation of the system, which will cover the entire Grangemouth site, is aimed to start in 2027.
• INEOS and Petroineos have already reduced CO₂ emissions at the Grangemouth site by 37% since taking ownership in 2005.
• This project will increase its emission reduction in Scotland to more than 50% compared with 2005, with scope for further, significant volumes beyond that.
• Andrew Gardner, Chairman INEOS Grangemouth: “Once operational, the carbon capture and storage system will provide an essential route to permanently and safely capture and store CO₂ emissions for large industrial emitters throughout Scotland with significant positive impact for Climate Change and the country.”
  

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INEOS Chemicals Grangemouth, INEOS FPS and Petroineos, have today signed a Memorandum of Understanding with the Acorn CCS Project to work together to develop Scotland’s first carbon capture and storage system linking Scotland’s industrial heartland to the Acorn CO₂ transport and storage system in North East Scotland by 2027.

Today’s announcement presents a pathway for Scotland to help meet its ambitious climate targets through effective carbon capture and storage. Investment at the Grangemouth site will enable the capture and storage of approximately one million tonnes a year of CO₂ by 2027, with the scope to capture further significant volumes beyond this date.

INEOS and Petroineos own and operate one of Scotland’s largest manufacturing sites at Grangemouth. Since taking ownership of the facility in 2005, it has already reduced CO₂ emissions at the site by 37%. Once operational the proposed carbon capture and storage system will further increase emission reduction at the site to more than 50% compared with 2005.

INEOS’ businesses at Grangemouth have put in place roadmaps to lead the transition to a net zero economy by no later than 2045, whilst remaining profitable, and staying ahead of evolving regulations and legislation. Based on these roadmaps, we are setting ambitious but achievable targets for 2030 which are in line with our 2045 commitment in Scotland, which we expect to publish shortly.

Commenting on today’s announcement, Andrew Gardner, Chairman INEOS Grangemouth, said:

“INEOS and Petroineos at Grangemouth recognise the importance of reducing greenhouse gas emissions from our industrial processes. As a one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a CO₂ intensive industry and we have a significant role to play in helping Scotland reach its Net Carbon Zero target by 2045. We have already made significant reductions since taking ownership of the site and we are delighted to be taking this further by supporting the Acorn CCS Scottish Cluster bid. Once operational, the carbon capture and storage system will provide an essential route to permanently and safely capture and store CO₂ emissions for large industrial emitters throughout Scotland with significant positive impact for Climate Change and the country.”

Nick Cooper, CEO of Storegga, the lead developer of the Acorn Project said:

“The Acorn Project partners (Storegga, Shell and Harbour Energy) are delighted that INEOS and Petroineos have entered into an MOU with Acorn, which is a really significant step in managing Scotland’s industrial emissions.  The Acorn CCS and hydrogen project is advanced, highly scalable and has clear visibility of a large CO2 customer base.  Acorn provides critical carbon reduction infrastructure to the growing Scottish Cluster of emitters and to the wider UK.”

ENDS.

Media Contacts:

David East (INEOS)	0044 1324 476948 or 0044 7768301708
Richard Longden (INEOS)	0041 21 627 7063 or 0041 7996 26123
Mark Killick (Mediazoo)	020 7052 4838 or 07836 634449
Andrew McLachlan (Mediazoo)	020 7384 6980 or 07931 377162
Monique Perks (Acorn / The Scottish Cluster)	storegga_media@camarco.co.uk or 020 3757 4980

Notes:

INEOS O&P UK operates the Olefins and Polymers petrochemical plants at Grangemouth. The raw materials used by this business present an outlet for North Sea gases, delivered via the co-located Forties Pipeline System. Its finished products of ethylene, propylene, polyethylene, polypropylene and ethanol are used as the building blocks in a multitude of sectors, in the manufacture of everyday household essentials - being transformed into bottles and pipes, cabling and insulation, food packaging as well as being extensively used in the pharmaceutical industry.

INEOS FPS operates the Forties Pipeline System landing and processing approximately 40% of North Sea oil and gas production for onward domestic and international sales. INEOS Acquired the Forties Pipeline System from BP in December 2017.

INEOS is also involved in Carbon Capture and Storage in Denmark. The Greensand project will also make a significant contribution to our understanding and growth of carbon storage technology, whilst supporting Denmark’s wider CO₂ emission reduction targets for 2030 and beyond. https://projectgreensand.com/

INEOS also participates in the Antwerp@C carbon capture, use and storage project which has the potential to halve the CO2 emissions in the port of Antwerp by 2030. https://www.portofantwerp.com/en/climate-neutral-port

Petroineos operates the Grangemouth Refinery and is a Joint Venture formed between INEOS and PetroChina in 2011. As Scotland’s only crude oil refinery, it is the primary supplier of aviation fuel for Scotland’s main airports and the major supplier of petrol and diesel across Scotland’s Central Belt, as well as in Northern Ireland and Northern England.

About the Acorn project

Acorn is one of the most mature UK CCS and hydrogen projects and is positioned to be the most cost-effective and scalable CCS project in the UK.

The Acorn Project is currently in the detailed engineering and design phase of development and is planned to be operational by the mid 2020’s, with the potential of achieving more than half of the 10Mt/yr of CO₂ storage targeted by the UK Government’s Ten Point Plan for a green Industrial Revolution by 2030.

Acorn is specifically designed to service multiple emitters around Scotland, the UK and Europe. As such, it can rapidly scale up to meet expected demand, with the potential to store more than 20Mt/yr  of CO₂ emissions by the mid 2030’s, in a region that has been traditionally the home to a large proportion of the UK’s world leading oil and gas skills base.

The Acorn Project is funded and supported by industry partners (Storegga, Shell and Harbour Energy), the UK and Scottish Governments and the European Union. It is led by Storegga, with Shell working as the Technical Developer for the Acorn CCS Project.

For more information on the Acorn CCS and Hydrogen Project, please visit: About Acorn – Acorn CCS (theacornproject.uk)

About the Scottish Cluster:

The Scottish Cluster unites our communities, industries, and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.  

Supporters and project partners include:

Aberdeenshire Council; Aberdeen & Grampian Chamber of Commerce; Acorn CCS and Hydrogen; Alexander Dennis; AREG; Carbon Clean; Carbon Engineering; Celtic Renewables; DOOSAN; Forth Valley College; Fuel Change; Harbour Energy; INEOS; John Mitchell; Macquarie; NECCUS; Net Zero Technology Centre; Opportunity North East; Optimat; Optimus; Orion; Peterhead Port Authority; Petroineos; Petrofac; Rig Tubulars; Scottish Enterprise; Shell; SSE Thermal; Storegga / Pale Blue Dot; TCS; Womble Bond Dickinson; and wood.

The Scottish Cluster will create low carbon jobs while sustaining vital industries where it is hard to reduce emissions.

For more information on the Scottish Cluster, please visit: www.backthescottishcluster.co.uk