Ineos invests £20m in new headquarters at Grangemouth

Ineos is investing £20m in the new HQ at Grangemouth

Ineos is to invest £20m in new headquarters at its Grangemouth site as part of plans to create a "world class" petrochemical manufacturing hub.

The company has already started demolition work at the 1,700-acre site.

It also plans to remove empty buildings and decommissioned plants so plots can be made available to other businesses.

Ineos said the move was part of a £450m "survival plan" which was launched after a bitter industrial dispute in 2013.

The new business HQ and office accommodation is scheduled for completion in September of next year.

Ineos Olefins and Polymers UK chief executive John McNally said: "The site is undergoing a radical transformation with significant investment that will herald a new era in petrochemical manufacturing at Grangemouth.

"Investment into the chemicals business is in the order of £450m, which includes spend on this new office accommodation, restructuring of redundant assets as well as our ethane supply project.

"This represents the most significant investment into UK and Scottish petrochemical manufacturing of recent times and demonstrates Ineos' commitment to the Grangemouth site, its employees and the local economy."

'Clear strategic view'

Mr McNally said businesses moving to the site would benefit from the raw materials, existing power, steam, logistics and other services provided by Ineos.

He added: "We will make parts of our site available to new companies that will benefit from the services and infrastructure that we have to offer here at Grangemouth.

"We have a clear strategic view of the future, where Grangemouth is a growing centre of excellence, attracting new investment, creating new jobs and providing Scotland with the raw materials that it needs to support its manufacturing sector."

Earlier this month, the operator of the Grangemouth refinery reported a £16.3m loss in 2014.

Petroineos Manufacturing Scotland incurred the eight-figure loss in the year to 31 December, despite increasing turnover to more than £240m.

The firm's strategic report said "the longer term outlook remains challenging in the current economic climate".

The firm's annual report, lodged with Companies House, noted that Ineos and Petroineos now operate as separate businesses, but remain integrated.