- Sep 22, 2021 12:09 pm GMT
Refineries are at the forefront of the green transition, in this case in Scotland
The announcement is the next phase of the company's road map to deliver emissions savings of more than 60% across the site by 2030, as Scotland works towards becoming net zero by 2045.
Ineos says it has already achieved a 37% reduction in net CO2 emissions since acquiring the site in 2005.
The £1bn investment is in addition to more than £500m spent on projects currently being implemented at Grangemouth.
One of those is a new energy plant due to be completed in late 2023 which will supply energy to all site operations and drive down emissions by at least 150,000 tonnes of CO2 per year.
The Grangemouth refinery is a joint venture formed between Ineos and PetroChina in 2011.
As Scotland's only crude oil refinery, Petroineos is the primary supplier of aviation fuel for Scotland's main airports and the major supplier of petrol and diesel across Scotland's central belt, as well as in Northern Ireland and Northern England.
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