MANUFACTURING giant Ineos is to invest £1billion in the UK in projects it says will keep its British operations world-class for a generation.
The biggest investment of £500million is in the Forties Pipeline System (FPS), which will transform the asset and extend the life of the pipeline by at least 20 years, into the 2040s.
Ineos, which has a site at Newton Aycliffe, County Durham, said it intends to overhaul the reliability of the 310-mile North Sea pipeline system, including modernising the environmental systems.
Opened in 1975, FPS is a strategic UK asset that can transport up to 600,000 barrels of North Sea oil onshore for refining every day. The pipeline transports 40 per cent of the UK’s oil and gas to the mainland.
Ineos is investing £350million at its Grangemouth site in Scotland to develop a new steam and power plant, delivering “significantly improved” energy efficiency and long-term reliability.
The company will also invest £150million in a new plant in Hull.
Sir Jim Ratcliffe, founder and chairman of Ineos, said: “Ineos is a supporter of British manufacturing and this £1billion investment underlines our confidence in our business in the UK.