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HP Brief

12.01.2013  |  Thinnes, Billy,  Hydrocarbon Processing Staff, Houston, TX

Keywords: [INEOS] [Grangemouth] [Scotland] [Iraq] [SABIC] [Europe] [Phillips 66] [divestitures] [China]

After a bitter labor battle, INEOS Grangemouth reopens

INEOS Grangemouth (UK) has reopened its petrochemicals plant and oil refinery in Scotland. The reopening comes after negotiations with the employees’ union resulted in an agreement, the details of which include no strikes for three years; a move to a modern pension scheme; a pay freeze for three years; and changes to union agreements onsite, including no full-time union conveners. The union’s withdrawal of its opposition to the company’s “survival plan” allows shareholders to invest a further £300 million in the company, INEOS said. This money will be used to fund ongoing losses and to finance the building of a gas terminal to bring in shale gas ethane from the US. The Scottish government has indicated that it will support the company’s application for a £9 million grant to help finance the terminal and the UK Government has given its prequalification approval for a £125 million loan guarantee facility.

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