Ineos Confirms Deal To Save UK Grangemouth Plant

by
Reuters
Ineos said on Friday it would reopen the Grangemouth petrochemical plant and immediately restart the oil refinery at the Scottish site after reaching a last-minute deal with the union.

Ineos said on Friday it would reopen the Grangemouth petrochemical plant and immediately restart the oil refinery at the Scottish site after reaching a last-minute deal with the union.

"This is a victory for common sense ... Grangemouth now has a great future," Jim Ratcliffe, the chairman of Ineos, said.

Ineos said all the assets at the complex would start operating on Friday and confirmed it would invest 300 million pounds ($485.00 million) in the plants.