UK energy company Ineos has announced it will invest £1bn across its national operations. This includes £150m for a new vinyl acetate monomer (VAM) plant.
The new 300,000-tonne per annum plant will be located in Hull, 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 has also earmarked £500m for upgrading the Forties Pipeline System, a major network which carries 30% of UK's oil from North Sea fields to onshore terminals.
Furthermore, Ineos is pumping £350m into its Grangemouth facility to develop a new steam and power plant. This is expected to 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.