Ineos has announced plans to invest £1 billion in its UK assets on various projects, including in the Forties Pipeline System.
The biggest investment being made is in the Forties Pipeline System, which comprised £500 million to transform the asset and extend the life of the pipeline by at least 20 years, into the 2040s.
Ineos intends to overhaul the reliability of the 500km pipeline system, including modernising the environmental systems and implementing the latest technology into its systems. This investment will rejuvenate FPS, delivering a long-term asset that meets the needs to North Sea oil and gas producers.
The system, which opened in 1975, is a strategic asset in the UK that can transport up to 600,000 barrels of North Sea oil onshore for refining every day. It transports 40% of the UK’s oil and gas to the mainland.
Andrew Gardner, Ineos FPS CEO, says: ‘North Sea oil and gas producers are telling us that they want to be in the North Sea well into the 2040s so we are making this commitment to be there with them.
‘Following the acquisition of FPS in 2017 we are now embarking on a period of investment that will guarantee that the system can support them for decades to come.’
Other investments announced by the company include a £350 million investment in the Grangemouth site to develop a new steam and power plant as well as £150 million in Hull to construct a new vinyl acetate monomer plant.
Sir Jim Ratcliff adds: ‘At an uncertain moment for the UK, Ineos has confidence in its businesses and is committed to continue investing in manufacturing and high skilled jobs in the UK.’