Ineos has unveiled plans to invest more than $1.4bn (£1bn) in powering its petrochemicals plant and oil refinery in Grangemouth, Scotland, with hydrogen, in pursuit of net-zero emissions.
The investment is part of the firm’s efforts to cut greenhouse gas emissions at the refinery to achieve net-zero by 2045, in line with the target set out by the Scottish Government.
Ineos has laid out a road map for the refinery to achieve a reduction of more than 60% in greenhouse gas emissions by the end of this decade.
As part of this plan, the company intends to make a series of investments, undertaking partnerships, and implementing innovative engineering.
The road map calls for the use of hydrogen by all businesses at the Grangemouth refinery, with an aim to store and capture at least one million tonnes per annum of CO₂ by 2030.
The company said that the CO₂ will be captured from existing hydrogen production and a carbon capture-enabled hydrogen production plant will also be constructed.
Ineos O&P UK CEO Stuart Collings said: “Our challenge is to deliver a road map, which ensures a just transition to net-zero.
“Hydrogen will play a very important role in the decarbonisation of our manufacturing plants.”
Previously, Ineos committed to spending more than £500m on projects that are approved and currently being executed at the crude oil refinery.
The company has invested in a new energy plant, which will supply energy to all its site operations. It is scheduled for completion in late 2023.
Ineos also plans to make more investments in energy reduction and optimisation in addition to electrification of key equipment to further contribute to emission reduction.
Ineos Grangemouth chairman Andrew Gardner said: “When INEOS bought the site in 2005, it was emitting around five million tonnes of CO₂ per year.
“We’ve already reduced that to three million tonnes today. Our next step, to use hydrogen combined with carbon capture via the Acorn project, will reduce this to below two million.”
The Grangemouth refinery is operated by Petroineos, a joint venture between Ineos and PetroChina.