Ineos calls a halt to £350 million Grangemouth energy plant

The company is said to have stated the project was shelved for now due to a number of “challenges” which gave it “reason to pause to examine the project”.

There was also a reference to “increased costs” being a factor in the decision.

Ineos also stated the new energy plant project was “still ongoing” as it remained a “critical component in securing the long-term viability of the Grangemouth site”.

An Ineos spokesperson said: “As things stand the project is still planned. World events such as COVID-19, the war in Ukraine and the significant increase in gas prices have led to a review of the timeline which is ongoing at the moment.”

Ineos got planning permission to build the new steam and power plant in 2018, saying it was key to the future development of the site and demonstrated its commitment to the town.