15 May 2006
INEOS
ENTERPRISES ANNOUNCES ITS INTENTION TO INVEST IN THE UK BIOFUELS
SECTOR
INEOS Enterprises has today announced its
intention to make a significant strategic investment in the
UK biofuels sector, potentially at the INEOS site at Grangemouth,
Stirlingshire. The Grangemouth Site is one of a number of possible
locations in the UK suitable for such an investment.
At the heart of this investment is a new
biodiesel facility that would provide a secure supply of biodiesel
to the INEOS Refining operations at Grangemouth.
The investment could also include a bioethanol
facility, which would take advantage of INEOS Enterprises' knowledge
and expertise in synthetic ethanol. INEOS Enterprises operates
synthetic ethanol plants at Grangemouth, and is the largest
synthetic ethanol producer in the world.
Both investments would provide a strong platform
from which INEOS Enterprises could grow its existing biofuels
business in light of the significant increase in demand for
biofuels predicted in the UK as a result of the Renewable Transport
Fuel Obligation.
Harry Deans, CEO of INEOS Enterprises comments: "With more
than ten years experience in this sector, INEOS Enterprises
is extremely well placed to make this investment and has an
excellent track record of exploiting market opportunities and
developing world class businesses. There are excellent synergies
between the INEOS Enterprises and INEOS Refining businesses
at Grangemouth."
INEOS Refining is a very significant fuels
player in the UK market with growth intentions focused on middle
distillates. As such, the proposed INEOS Enterprises investment
in biofuels is highly compatible with INEOS Refining's demand
and growth intentions.
Continues Harry: "The UK is fully committed
to the increased use of biofuels as part of its energy mix and
we believe that this investment will make an important contribution
towards this. With the significant growth in demand for biofuels
in the UK as a result of the Renewable Transport Fuel Obligation
it is clear that biodiesel will become a major renewable fuel."
In 2005, INEOS Enterprises announced plans
to double its biofuel capacity at its site in Baleycourt, France,
where it will supply some 220,000 tonnes of biodiesel to the
French markets by 2008. Here, a €70 million investment
in a new combined rapeseed crushing and biodiesel plant is well
underway, working in partnership with the French Authorities
and a local farming co-operative. The Company is also looking
to increase its biofuels business across Continental Europe.
INEOS Enterprises hopes that the new biodiesel
facility at Grangemouth Site could be up and running by 2008.
ENDS
Notes to Editors
· INEOS is a leading global manufacturer of refined products
and basic, intermediate and speciality chemicals. The Company
is made up of multiple decentralised businesses, each with a
major chemicals company heritage.
· The INEOS production network spans 68 manufacturing
facilities in Europe, North America, South Africa, Asia and
Africa. The combined INEOS Group, which includes the recently
acquired Innovene (BP) people and assets, generates more than
$33bn in revenues and has more than 15,000 employees. This makes
INEOS the third largest independent chemicals company in the
world and the largest in the UK, as well as the country's largest
private company.
· INEOS Enterprises is a portfolio of eight leading businesses
manufacturing chemical products in Northern Europe and Southeast
Asia, with sales of these products to customers around the world.
The Company is focused on the developing needs of customers
and rapid growth through investment in new products and manufacturing
facilities or by acquisition. The Company has sites in the UK,
France, Germany and Thailand.
· Biofuels are sources of energy that are manufactured
from renewable resources, for example rapeseed. Specifically,
biodiesel/ethanol is an alternative fuel produced from renewable
sources such as vegetable oils that can be blended with diesel/gasoline
and used to power conventional diesel/gasoline engines without
modification. It can also be used as a replacement fuel for
oil in industrial processes.
· INEOS Enterprises has over 10 years experience in biofuels
production from its site at Baleycourt, France. Biodiesel is
strategically important to the Company, underpinned by an agreement
to deliver higher volumes for the fuel industry in France and
Germany over the coming years.
· INEOS Enterprises currently employs around 450 people
worldwide and has an annual turnover of around €500 million.
· INEOS Refining is the largest independent refiner in
the EU and the ninth largest overall, with a total refining
capacity of 410,000 barrels per day. The Company employs some
930 people at two refineries: Grangemouth and Lavera. The Grangemouth
refinery supplies the fuels markets of Scotland and northern
England and is directly connected to North Sea crude sources
by the Forties Pipeline System and imports other crudes via
its own deep-sea terminal at Finnart on the west coast of Scotland.
The Lavera refinery supplies the fuels market of France, Switzerland
and southern Germany, sourcing crudes in the Mediterranean basin
from the Middle East, North and West Africa and the Former Soviet
states.
For further information please contact
the INEOS Enterprises Press Office:
Craig Welsh
Telephone: 01928 511528
Fax: 01928 569459
Email: craig.welsh@ineos.com
