Core Viewpoint - INEOS Group announced a joint investment of £150 million with the UK government to support the operation of its ethylene production facility in Grangemouth, Scotland, amidst a significant reduction in ethylene production capacity in Europe [1][2] Group 1: Investment and Funding - The investment includes £125 million from government support, comprising £50 million in grants and £75 million in government-backed loans, aimed at facility upgrades, energy efficiency improvements, emissions reduction, and enhancing competitiveness [1] - The agreement specifies that the funds will be used exclusively for designated purposes, with the government entitled to a share of future profits [2] Group 2: Industry Context - The Grangemouth facility will become the only steam cracking production site in the UK following the planned closure of ExxonMobil's 830,000 tons/year ethylene plant in Mossmoran in February 2026 [1] - The European chemical industry is facing a crisis, with approximately 40% of ethylene production capacity expected to be shut down, including the closure of SABIC's 865,000 tons/year Olefins 6 cracking unit in Teesside by June 2025 [1] - As of December 16, the spot price for ethylene in Northwest Europe has decreased by €290 per ton compared to early 2025, now standing at €505.5 per ton due to industry weakness [2] Group 3: Facility Operations - The Grangemouth facility, operated by INEOS Olefins and Polymers Europe, has an annual capacity of 830,000 tons of ethylene and 200,000 tons of propylene, utilizing low-cost US ethane as a feedstock since a technical upgrade in 2016 [1] - The products from this facility are widely used in medical plastics, high-end manufacturing, and aerospace, and it is connected to the Forties pipeline system, a key oil and gas transportation route in the North Sea [1]
英斥巨资保障格兰杰默斯乙烯厂运营
Zhong Guo Hua Gong Bao·2025-12-22 03:23