Multinational chemicals company INEOS has announced that it is to invest £850mn in UK energy infrastructure.
In the 27 February announcement, the company said that it will invest £500mn in the Forties Pipeline System (FPS) in the North Sea to extend its lifetime into the 2040s through modernising the environmental systems and implementing the “latest technology into its systems”. FPS transports 40% of the UK’s oil and gas to the mainland.
Additionally, £350mn is planned to be invested in a new steam and power plant in Grangemouth.
CEO of INEOS O&P UK Tobias Hannemann said: “This investment forms part of our wider plans to secure a bright future for manufacturing at Grangemouth and will continue its renaissance as a world class petrochemicals site while supporting the refinery, FPS and wider UK economy.”
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