INEOS buys Grangemouth power plant from Fortum
INEOS Industries Holdings agreed to acquire the Combined Heat and Power Plant (CHP) that serves the Grangemouth site from Fortum for GBP 54M. Grangemouth CHP, currently owned and operated by Fortum, is a natural gas-fired combined heat and power (CHP) plant located at the Grangemouth petrochemical site and refinery in Scotland.
The acquisition sits hand in hand with the GBP 300M infrastructure project at the site to import and store ethane, an essential raw material for the petrochemical plant. John McNally, CEO INEOS Olefins & Polymers UK, Grangemouth, says: “These investments demonstrate what is possible at Grangemouth and represent another key milestone in creating a successful future for the site and those businesses that depend upon its continued presence in Scotland.”
Commissioned in 2001, the Grangemouth power plant has a power generation capacity of 145MW and heat generation capacity of 257MW. It provides electricity and steam to INEOS’ petrochemical operations. Excess electricity is sold to the National Grid. Fortum will continue to provide operations and maintenance (O&M) services at the power plant in the future.