After receiving a UK loan guarantee, Ineos are planning to build a shale gas facility in Grangemouth. This allows them to import, store and process ethane from US shale gas.
The site was nearing closure last year, but this project, amongst other factors, has been a massive boost. This project will protect thousands of jobs across the country and allow Ineos to raise funds to invest in a new terminal.
Chairman Jim Ratcliffe is excited about the opportunity and has said: "Without doubt, this is one of the most important projects of recent times in Scotland, with implications to be felt right across the UK, not only for employment but also for manufacturing in general.”
It is believed Grangemouth will be a shale gas based facility by 2016, allowing Ineos to hopefully compete in world markets beyond 2017. This will be the largest ethane tank in Europe, built by a specialist engineering company.
Danny Alexander, Chief Secretary to the Treasury, sees this as a real positive for Scotland and the UK on a whole, saying “the Grangemouth guarantee is fantastic news for Scotland's economic future, and for the UK's energy security.”
