United Kingdom energy company Ineos has announced a decision to invest £1 billion ($1.3 billion) in its U.K. operations, of which £150 million ($199.7 million) will be allocated to a new vinyl acetate monomer (VAM) plant.
The company is planning to build a 300 kilotonne per annum plant in Hull, England, to “bring production of an important raw material back to the U.K.”
VAM is a key component in a wide range of high-end products including laminated windshields, toughened glass, adhesives, coatings, films, textiles and carbon fiber.
“We are proud to be bringing production of this important material back to the U.K. This will not only strengthen U.K. manufacturing but boost exports from the U.K. to Europe and the rest of the world,” Graham Beesley CEO of INEOS Oxide, said.
The company is also earmarking £500 million ($666.2 million) to upgrade the Forties Pipeline System, a major network that carries 30 percent of U.K.'s oil from the North Sea to shore.
Ineos also is pumping £350 million ($466.3 million) into its Grangemouth facility to develop a new steam and power plant which would significantly improve energy efficiency and long-term reliability of the site.