"Jim Ratcliffe's chemicals company Ineos has been granted 120m of government funding to help save the UK's last ethylene plant at Grangemouth, in a deal expected to protect more than 500 jobs. The investment in the Scottish plant was necessary to preserve a vital part of the country's chemicals infrastructure, the UK government said. The ethylene produced there was essential for medical-grade plastics production, water treatment and in aerospace and car-building, it added."
"Keir Starmer said the investment, with an additional 30m from Ineos, was proof his government would invest in Britain's future. This is about good jobs, stronger communities, and a modern economy that works for everyone, he said in a statement. Our commitment is clear: to back British industry, to stand by hardworking families, and to ensure places like Grangemouth can thrive for years to come. Promise made, promise delivered."
Government funding of £120m to Ineos, matched by an additional £30m from the company, will support the Grangemouth ethylene plant and is expected to protect more than 500 jobs. Ethylene underpins medical‑grade plastics, water treatment chemicals and inputs for aerospace and automotive manufacturing. The investment secures supply chains and preserves industrial capability. Earlier this year Ineos closed another Grangemouth site, an oil refinery co‑owned with PetroChina, costing hundreds of jobs. ExxonMobil recently announced closure of an ageing Fife ethylene plant, shedding 429 jobs; the government declined to invest in that site. Ratcliffe, 73, holds a minority stake in Manchester United and is estimated to be worth $14.7bn.
Read at www.theguardian.com
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