Petrochemicals company Ineos is investing £1bn in UK energy assets, including £150m to build a Vinyl Acetate Monomer (VAM) plant in Hull.
Ineos, founded by billionaire Sir Jim Ratcliffe, said it would spend £500m overhauling its ageing Forties pipeline, which carries almost half of Britain’s oil and gas from the North Sea.
The pipeline has been in service since 1975 and can carry up to 600,000 barrels per day (BPD) of oil.
Ineos said the upgrades would extend into the 2040s the lifeline of the pipeline system, which it said carries 40 per cent of Britain’s offshore crude oil and natural gas.
The capacity at the VAM site in Hull is expected to be 300,000 tonnes per year. VAM is a key component in a range of products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.
Sir Jim Ratcliffe, founder and chairman, said: “At an uncertain moment for the country, INEOS has confidence in its businesses and is committed to continue investing in manufacturing and high skilled jobs in the UK.”