Below is a selection of news stories published by ICIS following this big market development.
25 October 2013 12:49 [Source: ICIS news]
LONDON (ICIS)--The Grangemouth, UK, petrochemicals complex owned by INEOS is set to reopen after trade body Unite agreed on Friday to the Switzerland-based chemicals producer’s survival plan for the facility.
The union has agreed to a raft of pension, wage and industrial action changes for workers at Grangemouth, as well as a reform of union representation at the site, in exchange for INEOS agreeing to bring the plant back online. The petrochemicals unit is to reopen immediately, the company added, as is the Grangemouth oil refinery. Read more...
25 October 2013 11:59 [Source: ICIS news]
LONDON (ICIS)--INEOS’s petrochemical complex in Grangemouth, the UK, will reopen after trade union Unite on Friday agreed to a survival plan laid out by management to increase the competitiveness of the site and save up to 1,400 jobs, according to reports.
The union confirmed on Thursday that it had re-entered talks with Switzerland-headquartered chemicals company INEOS in a last-ditch bid to save jobs at the shuttered petrochemicals complex. Read more...
23 October 2013 12:41 [Source: ICIS news]LONDON (ICIS)--The Grangemouth, UK, petrochemicals complex operated by Switzerland-based INEOS is to remain closed, the company confirmed on Wednesday.
The company told employees on Wednesday morning that the site will remain offline after being shut down early last week in preparation for anticipated industrial action. Liquidators will be appointed within a week, INEOS added.
Petroineos, the INEOS/PetroChina joint venture that co-owns the Grangemouth oil refinery, will now decide whether to restart the facility, but UK energy minister Edward Davey said he has received assurances that it will reopen. Read more...
23 October 2013 14:47 [Source: ICIS news]
LONDON (ICIS)--The decision by INEOS to put its Grangemouth petrochemical plants in Scotland in the hand of liquidators has come swiftly, although the bitter dispute with the refinery and petrochemical sites’ workforce had been brewing for a long time.
The company’s decision hammers home the message that Europe is a costly place for petrochemicals and that the viability of some petrochemical plants can’t be guaranteed unless changes are made.
The UK government said on Tuesday that a loan guarantee for the INEOS plan to build an ethane import terminal and storage facilities at Grangemouth had reached the pre-qualification stage. Additionally, about 50% of the Grangemouth workforce has been prepared to accept the company’s offer of changed employment terms and conditions. Read more..
23 October 2013 17:39 [Source: ICIS news]
LONDON (ICIS)--The UK government still hopes to find a way for production to continue at the Grangemouth, UK, petrochemicals plant operated by INEOS, the Energy Minister Edward Davey said on Wednesday.
The Switzerland-headquartered company announced that the plant is to stay closed after being wound down ahead of an expected walkout last week, raising concerns for downstream users over material produced at the site and the viability of chemicals production in the UK.
However, the government is still hoping that a solution will be found that allows the complex to come back online.
23 October 2013 17:58 [Source: ICIS news]
LONDON (ICIS)--The closure of INEOS’ petrochemicals complex in Grangemouth, Scotland, could down the line force downstream converters in the UK to shut because of higher costs caused by the need to import, chairman of consultants International eChem, Paul Hodges, said on Wednesday.
“It seems to me there is a real danger that the UK sleepwalks into a position where its manufacturing revival is put at risk as a result of this closure, which adds further problems on top of the UK’s already high energy costs,” Hodges said.
Switzerland-based INEOS earlier on Wednesday confirmed the Grangemouth petrochemicals complex it operates will remain closed after being shut down early last week in preparation for anticipated industrial action, adding that liquidators will be appointed within a week. Read more...
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