Ineos Plans GBP1 Billion Investment to Achieve Net Zero at Scottish Refinery

By Jaime Llinares Taboada

Ineos Group Ltd. said Wednesday that it plans to invest more than 1 billion pounds ($1.37 billion) to reduce emissions from its Grangemouth refinery in Scotland to net zero by 2045.

The U.K. chemicals company said its strategy will deliver a reduction of more than 60% in greenhouse gas emissions by 2030 through investments, partnerships and innovations. It involves a move to production and use of hydrogen at the site accompanied by carbon capture and storage of at least 1 million metric tons a year by 2030.

The Grangemouth refinery is operated by Petroineos, a joint venture between Ineos and PetroChina Co. It is the primary supplier of aviation fuel for Scotland's main airports and a major supplier of petrol and diesel in Scotland's Central Belt, Northern Ireland and northern England.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

09-22-21 1016ET