Financing secured to build Europe's largest ethane store in Grangemouth
The BBC reports that INEOS O&P UK has today (17 July) confirmed that it has received notification from Chief Secretary to the Treasury, Rt Hon. Danny Alexander MP that its application for an infrastructure loan guarantee has been successful. This confirmation now allows INEOS to raise the funds necessary to invest in a new import terminal, to store and process ethane from shale gas at its site in Grangemouth, Scotland, as North Sea supplies dwindle. The project protects thousands of jobs in Scotland and across the UK.
Without doubt, this is one of the most important projects of recent times in Scotland, with implications to be felt right across the UK, not only for employment but also for manufacturing in general, said Jim Ratcliffe, INEOS Chairman.
Our ability to import US shale gas underpins the future of manufacturing at Grangemouth and across many businesses in Scotland. It is a vital step towards preserving the long term future of the Grangemouth site and those businesses that depend upon its continued presence in Scotland.
To read the on-line article, click here: http://www.bbc.com/news/uk-scotland-tayside-central-28331545