Released on 04/12/12

INEOS is to invest in the construction of a new ethane tank at its Rafnes site in Norway. The company has signed a Letter Of Intent with TGE Gas Engineering to build a new tank and expanded infrastructure, to be commissioned in 2015. The new facility will complement the existing storage at Rafnes. It will expand the company’s ability to access ethane from world markets and secure long-term competitiveness and jobs at the site. The investment in the tank and infrastructure at Rafnes quickly follows the recent completion of supply and infrastructure agreements by INEOS, to access ethane feedstock from the US for use in its European cracker complexes. The additional ethane will supplement existing supplies and provide the opportunity to replace more expensive Liquid Petroleum Gas (LPG). as a consequence, secure the long term future of its sites in Norway. “This is extremely good news for Rafnes and for the petrochemical industry in Grenland. The investment is a real vote of confidence in the Rafnes site by INEOS, that helps secure our long term future and profitability of the site,” said Magnar Bakke Site manager INEOS Olefins & Polymers Norway. “The building of the tank will provide construction jobs over the next two years, but it helps to secure jobs here for much longer. The investment in a new storage tank and infrastructure gives the site important long term options, in addition to our current supply arrangements, to access raw materials from around the world. We are a 

Source Official press release