MOSCOW (MRC) -- Ineos Industries Holdings Ltd has agreed to acquire the Combined Heat and Power Plant (CHP) from Fortum, that serves the Grangemouth site, for GBP54 million, as per the company's press release.
Grangemouth CHP, currently owned and operated by Fortum, is a natural gas-fired combined heat and power (CHP) plant located at the Grangemouth petrochemical site and refinery in Scotland.
Competitive, efficient energy is a critical element necessary to secure the long term future of the Grangemouth site. The acquisition sits hand in hand with the GBP300 million infrastructure project at the site to import and store ethane, an essential raw material for the petrochemical plant.
John McNally , CEO Ineos Olefins & Polymers UK, Grangemouth, says: "These investments demonstrate what is possible at Grangemouth and represent another key milestone in creating a successful future for the site and those businesses that depend upon its continued presence in Scotland."
Commissioned in 2001, the Grangemouth power plant's power generation capacity is 145 megawatts (MW) and heat generation capacity of 257 MW. It provides electricity and steam to INEOS’ petrochemical operations. Excess electricity is sold to the National Grid. Fortum will continue to provide operations and maintenance (O&M) services at the power plant in the future.
As MRC reported earlier, Ineos had announced plans to give 6% of its shale gas revenues to homeowners, landowners & communities who live above its shale gas operations. Ineos anticipates being a major player in the shale gas industry and believes it will give away over GBP2.5 billion over the life of its business.
Ineos Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.
MRC