Net Zero Emissions Drive Energy Costs Out of Control in United Kingdom, Largest Chemical Plant Faces Closure Risk
The largest chemical plant in the UK is struggling to survive due to soaring energy costs and is at risk of closure.
The Olefins & Polymers (O&P) plant located in Grangemouth, Scotland, supplies products to hundreds of plastic companies in the UK. Its owner, Ineos, has warned that it is being threatened by soaring energy bills and the high taxes imposed on manufacturers by the UK.
Stuart Collings, the head of the factory, told The Daily Telegraph that the factory has been hit by a double blow of rising energy prices and increased carbon taxes, and has been operating at a loss for many years, with an uncertain future ahead.
He said, "Unless there is a major breakthrough in the coming years, INEOS will have to make difficult decisions regarding the future of the Grangemouth plant."
“For many years, INEOS has had to use profits from its other global businesses to subsidize the Grangemouth operations; this has been the only way we have been able to keep running.”
Earlier this year, INEOS had closed a refinery at the plant, resulting in the loss of 400 direct jobs and affecting up to 5,000 positions in the supply chain and among contractors. If the olefins and polymers plant is closed this time, Grangemouth will suffer another heavy blow.
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