UK energy company Ineos has announced a decision to invest £1bn (€1.16bn) in its UK operations, of which £150m (€175m) will be allocated to a new vinyl acetate monomer (VAM) plant.
The company is planning to build a 300 kilotonne-per-annum VAM plant in Hull, eastern England, to “bring production of an important raw material back to the UK”.
VAM is a key component in a wide range of important high-end products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.
“We are proud to be bringing production of this important material back to the UK. This will not only strengthen UK manufacturing but boost exports from the UK to Europe and the rest of the world,” said Graham Beesley CEO of INEOS Oxide.
The company is also earmarking £500m (€584m) for upgrading the Forties Pipeline System, a major network that carries 30% of UK's oil from the North Sea to shore.
Furthermore, Ineos is pumping £350m (€408m) into its Grangemouth facility to develop a new steam and power plant which would significantly improve energy efficiency and long-term reliability of the site.
“Ineos is a supporter of British manufacturing and this £1bn investment underlines our confidence in our business in the UK. These investments will ensure that our UK assets continue to be world class for many years to come,” said Sir Jim Ratcliffe, Ineos founder and chairman.