Company says pledge allows it to invest in terminal to import, store and process ethane from US shale gas
The owners of the petrochemicals plant in Grangemouth, the future of which was in doubt last year, have won a £230m loan guarantee from the UK government to build a new facility to import shale gas.
Ineos said the project would protect thousands of jobs across the country and ensure the long-term future of the site. The loan guarantee will allow it to raise funds to invest in a new terminal at Grangemouth to import, store and process ethane from shale gas, as North Sea supplies dwindle.