Sector News

Ineos, Petroineos to invest in reducing carbon emissions at Grangemouth

July 11, 2021
Energy & Chemical Value Chain

Ineos and Petroineos say they will invest in their facilities at Grangemouth, UK, to reduce carbon dioxide (CO2) emissions from the integrated site by approximately 1 million metric tons/year (MMt/y) by 2027 as part of a wider proposed carbon capture and storage (CCS) and hydrogen development. The planned investment value was not given.

Ineos and Petroineos, a joint venture (JV) of Ineos and PetroChina, have signed a memorandum of understanding (MOU) with the developers of the Acorn CCS Project to work together to develop the first CCS system in Scotland. The investment at Grangemouth “will enable the capture and storage of approximately 1 MMt/y of CO2 by 2027, with the scope to capture further significant volumes beyond this date,” Ineos says.

Ineos owns and operates the petrochemical manufacturing site at Grangemouth, while Petroineos owns and operate an adjacent refinery. Since taking ownership in 2005, CO2 emissions at the overall Grangemouth site have been reduced by 37%, Ineos says. Once operational, the proposed CCS system “will further increase emission reduction at the site to more than 50% compared with 2005,” it says.

Roadmaps have been put in place for the Grangemouth site targeting transition to a net-zero economy by no later than 2045 “whilst remaining profitable, and staying ahead of evolving regulations and legislation,” according to Ineos. “Based on these roadmaps, we are setting ambitious but achievable targets for 2030, which are in line with our 2045 commitment in Scotland, which we expect to publish shortly,” it says.

“Ineos and Petroineos at Grangemouth recognize the importance of reducing greenhouse gas emissions from our industrial processes,” says Ineos Grangemouth chairman Andrew Gardner. “As one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a CO2-intensive industry and we have a significant role to play in helping Scotland reach its net carbon zero target by 2045.”

Existing partners in the Acorn project include lead developer Storegga, Shell, and Harbour Energy. The CCS project is in the detailed engineering and design phase, with plans to bring it online by the mid-2020s. The project is being funded and supported by the partners, along with the UK and Scottish governments and the EU.

by Mark Thomas

Source: chemweek.com

comments closed

Related News

April 14, 2024

Nadja Håkansson appointed Chief Executive Officer of thyssenkrupp Uhde

Energy & Chemical Value Chain

The future CEO of thyssenkrupp Uhde, Nadja Håkansson, has held various management positions at Siemens and Siemens Energy and looks back on over 18 years of national and international experience in the areas of supply chain management, operations, sales and corporate management.

April 14, 2024

Neste and Lotte Chemical team up to scale renewable plastics from used cooking oil

Energy & Chemical Value Chain

Neste and South Korean company Lotte Chemical have partnered on a project to elevate the sustainability profile of chemicals and plastics. The partnership’s ambition is to replace fossil resources with renewable raw materials that offer a lower carbon footprint.

April 14, 2024

EU chemical industry confidence shows upward trend

Energy & Chemical Value Chain

At least the confidence in the chemical sector has been seeing an upward trend and the trade balance is recovering as destocking seems to be coming to an end. Citing projections from the European Central Bank, CEFIC states that the level of inflation is expected to fall from 5.4% in 2023 to 2.3% in 2024.

How can we help you?

We're easy to reach