Ineos Secures UK Government Backing for Grangemouth Plant
(Bloomberg) -- Chemicals giant Ineos has received support from the UK government to secure the future of the Grangemouth plant outside Edinburgh.
The government will provide loan guarantees and a grant as part of a £150 million ($202 million) joint investment with the firm to secure more than 500 highly skilled jobs at the facility which was at risk of closing. The adjacent Grangemouth refinery ceased operations earlier this year.
“At a time when British manufacturing is in decline, this investment, in partnership with the UK government, maintains the operation of Grangemouth as a critical and strategic supplier to UK industry,” Ineos and the Department of Business and Trade said in a statement on Wednesday.
Under the deal, Ineos will be supported by a £75 million government loan guarantee and a grant of £50 million. It will use the funds to improve energy efficiency and upgrade production units. Ineos secured state backing last month for its Lavera site in southern France.
Ineos, founded by billionaire Jim Ratcliffe, has been vocal about the struggles of Europe’s chemicals industry, with major companies including Dow Inc., Exxon Mobil Corp. and Lyondellbasell Industries BV closing or idling capacity. Exxon is set to close its Mossmorran chemicals plant in Scotland in early 2026.
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