New terminal will take US ethane imports and outdated plants will shut down
Chemicals manufacturer Ineos is advancing its £300 million investment plan to revive profitability at its plant in Grangemouth, UK. The firm is closing an outdated 1960s steam cracker and its associated butadiene plant with immediate effect, and has agreed with contractors to build Europe’s largest ethane storage tank as part a new shipping terminal to allow the site to accept US shale gas feedstocks.
All staff affected by the closures will be redeployed elsewhere on the Grangemouth site, the company said in a statement
The ‘survival plan’ plan follows the company’s tussle with trade union Unite last year, which saw the petrochemicals plant briefly shut down completely. It hinges on converting the site to process shale gas, which the company says should be completed by 2016.