February 27, 2019 / 8:28 AM / in 2 months

Ineos to invest 1 billion pounds in UK energy assets

LONDON, Feb 27 (Reuters) - Ineos will spend 1 billion pounds ($1.33 billion) in its UK-based energy assets, the petrochemicals producer said on Wednesday, including the Forties Pipeline System which carries almost half of Britain’s crude oil and natural gas from fields in the North Sea.

Ineos said it would invest 500 million pounds in upgrading the Forties Pipeline, which has been in service since 1975 and has can carry up to 600,000 barrels of oil per day.

It will also invest 350 million pounds in a new energy plant at the 200,000-bpd Grangemouth oil refinery in Scotland, and an additional 150 million pounds in a new petrochemicals facility in the northern English city of Hull.

“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 the wider UK economy,” Tobias Hannemann, CEO O&P UK, said in a statement.

$1 = 0.7534 pounds Reporting by Amanda Cooper; editing by Jason Neely

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