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| INEOS to invest in UK biofuels sector |
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| Written by Giles Clark, London | |
| Tuesday, 23 May 2006 | |
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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. Share this article:        |
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