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INEOS to switch Grangemouth to hydrogen in $1.4 billion pursuit of net zero

09/21/2021 | 07:22pm EDT
A logo is pictured in the headquarters of INEOS chemicals company in Rolle

LONDON (Reuters) - INEOS said on Wednesday it will convert its vast Scottish petrochemicals plant and oil refinery at Grangemouth to run on hydrogen at a cost of more than 1 billion pounds ($1.4 billion) to make it 'net zero' for carbon emissions by 2045.

Britain has a target to reach net zero by 2050 and has significantly reduced emissions from power generation, but has found it harder to cut industry's carbon footprint.

Andrew Gardner, Chairman of INEOS Grangemouth said the company would initially use gas to produce its own hydrogen on site, so-called blue hydrogen, with at least 1 million tonnes of carbon dioxide (CO2) stored and captured by 2030.

"The next stage would be using green hydrogen," Gardner told Reuters, to bring the entire site to net zero by 2045.

Green hydrogen is produced using renewable power sources such as wind or solar.

Gardner said annual emissions were around 5 million tonnes of CO2 when INEOS took over the site from BP in 2005, but these are now around 3 million tonnes a year and are expected to fall to 1.8 million tonnes by 2030.

INEOS said in July it would work with the Acorn carbon capture and storage project in Scotland, which aims to store CO2 emissions in the North Sea. nL5N2OL11I]

It has also backed hydrogen investment firm HydrogenOne Capital Growth.

($1 = 0.7324 pounds)

(Reporting by Susanna Twidale; Editing by Alexander Smith)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.56% 357.2 Delayed Quote.40.35%
GREEN HYDROGEN SYSTEMS A/S 3.73% 34.75 Delayed Quote.0.00%
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Financials (USD)
Sales 2021 171 B - -
Net income 2021 13 870 M - -
Net Debt 2021 39 138 M - -
P/E ratio 2021 7,20x
Yield 2021 4,40%
Capitalization 97 504 M 97 503 M -
EV / Sales 2021 0,80x
EV / Sales 2022 0,81x
Nbr of Employees 63 600
Free-Float 94,0%
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