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Ineos asks for £150m as staff announce overtime ban
10:36am Tuesday 1st October 2013 in Business News
A CHEMICAL company with plants in the North-East has asked the UK and Scottish Governments for £150m in grants and loan guarantees to build a new gas terminal.
Ineos Nitriles says its petrochemical site in Grangemouth, Scotland, is unsustainable, losing £10m every month.
The company, which has factories in Newton Aycliffe, County Durham, and Seal Sands, near Billingham, says the Scottish site, which it has put £1bn into, will close by 2017 if it does not receive new investment.
It put forward a survival plan, saying it was willing to invest £300m to help build a new gas terminal to bring ethane from the US. It says it also intends to close a number of plants and reduce workers.
Chairman Calum MacLean said: “These changes will transform our Grangemouth business and ensure the long-term future of the site.
But everyone must understand this is a package deal and there is no plan B.”
The move comes as Ineos workers revealed plans to ban overtime and take industrial action in a row over the treatment of a union official.
The dispute centres on union official Stevie Deans, who was involved in a row with Labour over the selection of a candidate in the Scottish constituency.
Mr Deans, who is chairman of the constituency party, faces an investigation by Ineos over issues linked to the Falkirk disagreement.
Union Unite says action will start on Monday at the Grangemouth site.
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