Energy investment worldview

The modern world needs energy as much as air and water

3
min 2024

ENERGY is INEOS’ lifeblood. It cannot survive without it – and neither can the world. INEOS uses energy to power its manufacturing plants around the world and as a raw material to make products that underpin modern society. So it is vital it invests in countries that understand its needs. America does.

INEOS Energy has just announced the acquisition of the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A. Inc. This latest deal follows INEOS Energy’s decision to buy a major tranche of Chesapeake Energy’s oil and gas assets in Eagle Ford, South Texas, last year, and an agreement to buy 1.4 million tonnes a year of LNG from Sempra Infrastructure at Port Arthur in Texas in December 2022.

“That’s three deals in three years, none of which would currently be economically attractive in the UK,” said INEOS Energy chairman Brian Gilvary. Capital spend on energy assets in the USA now exceeds $3billion, and provides INEOS with a strong platform for future growth.

“America has long been an attractive market for energy investment,” said Brian. “It provides a stable fiscal regime, which is supported by successive governments that understand the importance of affordable, long-term energy security.”

That stability saw the US cease being a net importer of energy in 2011 for the first time since the 1950s due to its rapid investment in shale oil and gas.

Today, America has access to some of the cheapest energy in the world, allowing a manufacturing base that can compete around the world.

“That makes it a good place to start an energy transition because gas would be the transition fuel, replacing coal,” said Brian. “And its healthy economy could support investments in carbon capture and renewables through the Inflation Reduction Act.”

The rapidly-growing Asian economies also understand the importance of energy and energy security to their economies. China may be rapidly growing renewable sources of ‘clean’ energy, but it continues to invest heavily in new coal-fired power generation to ensure security of supply, with over 1,150 operational plants.

According to the International Energy Agency, China, India and Indonesia now account for 70% of global coal output, which grew to a record 8.9 billion tonnes last year. In China, coal now makes up 53% of its energy generation.

“The irony of using coal to fuel one of the fastest-growing electric vehicle markets in the world should not be lost on policymakers around the world as they attempt to transform their economies to net zero emissions via a predominant focus on renewables,” said Brian.

But he believes that message is being lost.

“The rapidly-growing Asian economies are focused on low-cost energy to fuel jobs and growth,” said Brian. “The European approach is to focus on ‘net zero’, seemingly at all costs.”

He warned that investment in new energy capacity was uneconomic without subsidy which could make the policy expensive and inflationary. And he said there was a limit to the pace that could be achieved.

“Germany is a case in point of how badly you can get your energy policy wrong by driving a multi-decade green agenda without understanding security of supply and baseload energy,” he said.

Germany shut down most of its nuclear power plants after the Fukushima accident in Japan in 2011, and began relying on coal imports again to supplement gas from Russia.

“The war in Ukraine has forced Germany to the ramp up coal which has had a major impact on CO2 emissions,” said Brian.

A recent report by the Baker Institute highlighted Germany’s ‘misguided energy policy’. It said energy was central to a country’s prosperity and the implications of Germany’s misguided energy policy had been far-reaching.

“Germany is now one of the world’s worst economic performers among major developed economies,” said Brian.

Mainland Europe and the UK today have some of the highest electricity prices in the world. But Brian believes the UK’s fortunes could change for the better if the government’s newlyformed Great British Energy followed China and America’s lead and embraced all energy on its doorstep.

“A balanced energy strategy needs to run at the same pace as the energy transition because it helps industry remain competitive, avoids increasing energy costs and provides a stable flow of tax for the exchequer,” he said.

Most industry bodies believe oil and gas will be necessary for decades to come, but investment in UK North Sea oil and gas is in decline.

“The industry has been severely undermined by an unstable fiscal regime over successive decades that has seen successive governments yo-yo on petroleum revenue tax,” said Brian.

“The most recent excursion to 78%, driven by then higher oil prices, has simply driven away future investment.”

The ‘windfall’ hike to 78% was driven by post-covid high oil prices up to $120 a barrel and huge trading profits from the international supermajors. Since then the prices have almost halved, but the windfall gains have remained, which is driving away investment from the North Sea into other opportunities around the world.

“The previous government rushed through the ‘levy’, driven by a media frenzy, creating no safety net or threshold for reducing the tax at the lower prices we have today,” he said.

Under the current regime, the government effectively now owns 78% of Britain’s offshore oil & gas assets.

“The treasury will soon see the value of those assets deteriorate as companies, left with the 22%, hold back on any significant investments to maintain their production and value,” he said.

“The bottom line is that too tight a fiscal take results in lower tax revenues over the medium to longer term. That’s a choice for the government of the day but companies will react to the signals they send.”

INEOS Energy has, however, welcomed the UK government’s decision to pledge about £22 billion for projects to capture and store carbon emissions from energy, industry and hydrogen production to help meet climate goals.

“The International Energy Agency has been clear we must eradicate emissions from fossil fuels, not eradicate fossil fuels,” said Brian. “And this investment means we will be using fossil fuels to create energy and dealing with the associated CO₂ long into the future.”

But he said he hoped Great British Energy – in its drive to become net zero - would understand the importance of a reliable baseload energy.

“Wind and solar can never be baseload until we have cracked the storage of electricity conundrum, and green hydrogen, as baseload energy, is economically decades away,” he said. “Without baseload energy assured, the consequences of power cuts and strain on the grid are inevitable.

Whatever happens, INEOS Energy will continue to import LNG from America into the UK.

“All of the taxes associated with the production of the LNG will be paid in the United States,” said Brian. “And the UK treasury will discover they will not be recovering the tax they could have got if those gas molecules had been produced in the UK.”

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Energy investment worldview

But how energy is sourced varies across the world. Here Brian Gilvary explains why INEOS Energy is prioritising investments in the US and other stable markets due to high energy costs and uncertain government policies in the UK and Europe ENERGY is INEOS’ lifeblood. It cannot survive without it – and neither can the world. INEOS uses energy to power its manufacturing plants around the world and as a raw material to make products that underpin modern society. So it is vital it invests in countries that understand its needs. America does. INEOS Energy has just announced the acquisition of the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A. Inc. This latest deal follows INEOS Energy’s decision to buy a major tranche of Chesapeake Energy’s oil and gas assets in Eagle Ford, South Texas, last year, and an agreement to buy 1.4 million tonnes a year of LNG from Sempra Infrastructure at Port Arthur in Texas in December 2022. “That’s three deals in three years, none of which would currently be economically attractive in the UK,” said INEOS Energy chairman Brian Gilvary. Capital spend on energy assets in the USA now exceeds $3billion, and provides INEOS with a strong platform for future growth. “America has long been an attractive market for energy investment,” said Brian. “It provides a stable fiscal regime, which is supported by successive governments that understand the importance of affordable, long-term energy security.” That stability saw the US cease being a net importer of energy in 2011 for the first time since the 1950s due to its rapid investment in shale oil and gas. Today, America has access to some of the cheapest energy in the world, allowing a manufacturing base that can compete around the world. “That makes it a good place to start an energy transition because gas would be the transition fuel, replacing coal,” said Brian. “And its healthy economy could support investments in carbon capture and renewables through the Inflation Reduction Act.” The rapidly-growing Asian economies also understand the importance of energy and energy security to their economies. China may be rapidly growing renewable sources of ‘clean’ energy, but it continues to invest heavily in new coal-fired power generation to ensure security of supply, with over 1,150 operational plants. According to the International Energy Agency, China, India and Indonesia now account for 70% of global coal output, which grew to a record 8.9 billion tonnes last year. In China, coal now makes up 53% of its energy generation. “The irony of using coal to fuel one of the fastest-growing electric vehicle markets in the world should not be lost on policymakers around the world as they attempt to transform their economies to net zero emissions via a predominant focus on renewables,” said Brian. But he believes that message is being lost. “The rapidly-growing Asian economies are focused on low-cost energy to fuel jobs and growth,” said Brian. “The European approach is to focus on ‘net zero’, seemingly at all costs.” He warned that investment in new energy capacity was uneconomic without subsidy which could make the policy expensive and inflationary. And he said there was a limit to the pace that could be achieved. “Germany is a case in point of how badly you can get your energy policy wrong by driving a multi-decade green agenda without understanding security of supply and baseload energy,” he said. Germany shut down most of its nuclear power plants after the Fukushima accident in Japan in 2011, and began relying on coal imports again to supplement gas from Russia. “The war in Ukraine has forced Germany to the ramp up coal which has had a major impact on CO2 emissions,” said Brian. A recent report by the Baker Institute highlighted Germany’s ‘misguided energy policy’. It said energy was central to a country’s prosperity and the implications of Germany’s misguided energy policy had been far-reaching.  “Germany is now one of the world’s worst economic performers among major developed economies,” said Brian. Mainland Europe and the UK today have some of the highest electricity prices in the world. But Brian believes the UK’s fortunes could change for the better if the government’s newlyformed Great British Energy followed China and America’s lead and embraced all energy on its doorstep. “A balanced energy strategy needs to run at the same pace as the energy transition because it helps industry remain competitive, avoids increasing energy costs and provides a stable flow of tax for the exchequer,” he said. Most industry bodies believe oil and gas will be necessary for decades to come, but investment in UK North Sea oil and gas is in decline. “The industry has been severely undermined by an unstable fiscal regime over successive decades that has seen successive governments yo-yo on petroleum revenue tax,” said Brian. “The most recent excursion to 78%, driven by then higher oil prices, has simply driven away future investment.” The ‘windfall’ hike to 78% was driven by post-covid high oil prices up to $120 a barrel and huge trading profits from the international supermajors. Since then the prices have almost halved, but the windfall gains have remained, which is driving away investment from the North Sea into other opportunities around the world. “The previous government rushed through the ‘levy’, driven by a media frenzy, creating no safety net or threshold for reducing the tax at the lower prices we have today,” he said. Under the current regime, the government effectively now owns 78% of Britain’s offshore oil & gas assets. “The treasury will soon see the value of those assets deteriorate as companies, left with the 22%, hold back on any significant investments to maintain their production and value,” he said. “The bottom line is that too tight a fiscal take results in lower tax revenues over the medium to longer term. That’s a choice for the government of the day but companies will react to the signals they send.” INEOS Energy has, however, welcomed the UK government’s decision to pledge about £22 billion for projects to capture and store carbon emissions from energy, industry and hydrogen production to help meet climate goals. “The International Energy Agency has been clear we must eradicate emissions from fossil fuels, not eradicate fossil fuels,” said Brian. “And this investment means we will be using fossil fuels to create energy and dealing with the associated CO2 long into the future.” But he said he hoped Great British Energy – in its drive to become net zero - would understand the importance of a reliable baseload energy. “Wind and solar can never be baseload until we have cracked the storage of electricity conundrum, and green hydrogen, as baseload energy, is economically decades away,” he said. “Without baseload energy assured, the consequences of power cuts and strain on the grid are inevitable. Whatever happens, INEOS Energy will continue to import LNG from America into the UK. “All of the taxes associated with the production of the LNG will be paid in the United States,” said Brian. “And the UK treasury will discover they will not be recovering the tax they could have got if those gas molecules had been produced in the UK.”

3 min read

Green light for Greensand

A NEW industry – borne out of the need to lessen the effects of climate change – has been launched by INEOS and its visionary partners. Together INEOS, the day to day operator, with Harbour Energy and Nordsøfonden, has made a Final Investment Decision (FID) into the first commercial phase ‘Greensand Future’. This decision paves the way for expected investments of more than $150 million across the Greensand Carbon Capture and Storage value chain. “This is a breakthrough for carbon capture and storage,” said INEOS Chairman Sir Jim Ratcliffe. “Carbon storage is a far better way to decarbonise Europe than deindustrialise. That just moves the problem elsewhere, doesn’t solve it, and destroys jobs. Our Investment in Greensand helps secure a sustainable future for both the planet and the economy.” By late 2025, shipments of CO2 could begin arriving at INEOS’ Nini platform where it will be injected into a depleted oil field 1,800 metres below the seabed. Initially 400,000 tonnes of CO2 a year – mainly from biomethane producers – will be permanently stored underground, but there is the potential to expand over time to store up to eight million tonnes a year by 2030. “We already have customers lined up,” said Mads Gade, Head of INEOS Denmark and Commercial Director at INEOS Energy, the operator and lead partner behind Greensand. The CO2 in the first phase of Greensand Future will be captured and liquefied at Danish biomethane production plants, transported to the port of Esbjerg, and then shipped by Royal Wagenborg to INEOS’ platform in the Danish North Sea. “This is gas that would otherwise be released into the atmosphere,” said Mads. The European Commission believes the EU will need to establish a carbon storage capacity of 250 million tonnes of CO2 a year by 2040 to achieve the objectives of the Paris Agreement. “With Greensand Future, and the establishment of the full value chain, we are sending an important message to the Danish and European emitters currently considering large-scale capture projects, that it can be done,” said David Bucknall, CEO of INEOS Energy. Proof that CO2 could be safely captured, transported and stored off-shore, was demonstrated last year in a world-first, led by INEOS. “Denmark moved to the forefront of CCS in the world when we stored that first CO2 in the North Sea,” said Mads. Twenty three partners made up the consortium that worked on the INEOS-led Project Greensand and included everything from Danish and international companies to research institutes, universities and start-ups. All have also gained invaluable experience in how carbon capture and storage works. “Greensand Future builds on the learnings from the pilot Project Greensand,” said David. “And it will pave a viable way for carbon capture and storage to play a crucial role in reaching net zero in Denmark, Europe and beyond.” Greensand to share in €4.8 billion windfall THE EU is to invest an unprecedented €4.8 billion in innovative, net zero projects. And Project Greensand’s carbon capture and storage project is among them. The ground-breaking, INEOSled Danish project learned its bid for EU Innovation Fund funding had been successful in October. “This is great news and shows that the EU recognises the innovative and first-of-a-kind element of our project,” said Mads Gade, Head of INEOS Denmark and Commercial Director at INEOS Energy, the leading partner behind Project Greensand. Of the 300+ projects submitted, the EU agreed to fund a record 85 from 18 countries. Together, they are expected to reduce CO2 emissions by about 476 million tonnes in their first 10 years of operation. Project Greensand is due to sign its grant agreement with the European Climate, Infrastructure and Environment Executive Agency within months. Kings witness historic moment SHIPS are to be specially built to transport large amounts of unwanted CO2 to INEOS’ Nini platform in the Danish North Sea. The vessels, which will be built by Dutch family-owned Royal Wagenborg, are seen as crucial to helping establish CCS on an industrial scale. “The lack of dedicated CO2 carriers has been a bottleneck for advancing CCS projects within Europe,” said David Bucknall, CEO INEOS Energy. “This collaboration between INEOS and Royal Wagenborg serves as a breakthrough moment for the EU’s climate goals.” The landmark deal between the two companies was witnessed by the King of Denmark and King Willem-Alexander of the Netherlands. “It highlights the commitment of INEOS, Royal Wagenborg, and the governments of the Netherlands and Denmark to achieving a sustainable and low-carbon future,” said David.

3 min read

INEOS Inovyn’s solar-powered PVC production marks major investment in sustainable industry transition

ENERGY from the sun is now being used to help manufacture some of the PVC at INEOS’ production site in Jemeppe in Belgium. The power comes from a solar farm – one of Belgium’s largest – built by PerPetum Energy & Green4Power for INEOS Inovyn’s use.  “This project is much more than an investment in sustainable infrastructure,” said Cécile Neven, Walloon Minister for Energy and the AirClimate Plan. “It embodies the determination of INEOS Inovyn, a key player in the chemical industry, to do everything possible to achieve our climate objectives.” The 90,000 solar panels in Wallonia cover an area the size of 56 football pitches and can produce 60MW of renewable electricity. INEOS Inovyn’s new low-carbon NEOVYNTM PVC and ultra low carbon chlor-alkali ranges will be produced using solar energy to create PVC products with a 37% lower CO2  footprint than the EU industry average – rising to 70% for caustic soda. CEO Geir Tuft said it would not only allow INEOS Inovyn to cut its own annual CO2 emissions by 14,000 tonnes, but it would enable its customers to meet their greenhouse gas reduction targets because they could offer a low-carbon solution in their markets. The official opening of the solar farm was attended by more than 100 people, including Sophie Wilmès, Vice-President of the European Parliament. “Support schemes that stimulate investments in clean, abundant and competitive energy are critical to a sustainable future for European industry,” said Geir.  European plastics currently face a competitiveness gap with the US and China, driven by higher energy costs, less competitive raw materials and a challenging regulatory landscape. “Measures are needed to safeguard the competitiveness of our industry and avoid Europe becoming dependent on imports from abroad,” said Geir. He added: “Our new solar farm demonstrates the role partnerships play between the private sector and support from public authorities, to support Europe’s vital net zero transition.” The new solar farm is fitted with the latest generation panels that are more efficient and an underground power line connects it to Jemeppe’s plant, which means it does not use the public grid system to transmit power. “With these steps INEOS Inovyn continues to provide strong industry leadership,” said Philippe Taranti, INEOS Inovyn Director at the Jemeppe site.

2 min read

INEOS strategic investment at Lavéra enhances competitiveness and sustainability

For years employees have worked for joint ventures between INEOS and TotalEnergies at France’s Lavéra petrochemical complex. In the case of Laure Huyghues des Etages, that had amounted to 22 years. But she is now working solely for INEOS O&P South after INEOS acquired the joint venture share from TotalEnergies earlier this year. CEO Xavi Cros said it had made sense to buy the French energy company’s 50% share of the steam cracker, polypropylene and aromatics businesses and naphtha storage despite the downturn in demand for chemicals in Europe. “We believe this is in the best interests of our customers, our employees and INEOS because it allows us to make the improvements that are needed,” he said. For the staff, though, it was an unsettling time. “I was worried,” said Laure. “I was well and truly in my comfort zone.” Since the joint venture ended, though, she couldn’t be happier. “Technically the job remains the same,” she said. “But what is different is how INEOS approaches a problem. There is real cohesion and a desire to come up with solutions.” She also found INEOS’ transparency refreshing when it came to decision-making. “It has given me a broader view of the whole business, which has made me feel very involved and a part of something much bigger,” she said. The two companies had entered into a joint venture when INEOS acquired the Lavéra site in 2005 from BP. INEOS O&P South now, though, has sole responsibility for running the naphtha steam cracker the aromatics business, a polypropylene business and a number of other infrastructure assets at Lavéra including part of TotalEnergies’ ethylene pipeline network in France. It is a great opportunity... and an opportunity to improve its competitiveness and safeguard its future by ensuring it is environmentally fit for the 21st century. INEOS businesses operating at INEOS O&P South: INEOS Olefins and Polymers Europe INEOS Oxide INEOS Oligomers INEOS Polyolefin Catalyst

2 min read

INEOS Acetyls signs non-binding agreement with Indian company which may lead to increased production of vital chemical

INEOS Acetyls is considering building a new world-scale plant in India to increase production of a chemical used in cooking, cleaning, medicine and food. The acetic acid plant would be built in partnership with Gujarat Narmada Valley Fertilizers & Chemicals Ltd at its site in Bharuch, Gujarat. The two companies, which have enjoyed a technology partnership for almost 30 years, have now signed a non-binding agreement to explore the possibility of the new plant and formed a joint venture to help make it happen by 2028. “We are delighted to be working with our partner GNFC on this new project,” said David Brooks, CEO of INEOS Acetyls. “India is recognised as being a key growth market for our products over the coming years.” The plant would be capable of producing 600,000 tonnes of acetic acid each year and, more importantly, help India to reduce its reliance on imports. “We currently import 85% of the acetic acid we need,” said Pankaj Joshi, managing director of GNFC, which is the only current producer of acetic acid in India. Increasing production of acetic acid will help India in its desire to see more products stamped with ‘Made in India’. David said INEOS’ investment would increase that much-needed locally-produced acetic acid. INEOS Acetyls is currently the leading producer of acetic acid globally. It has eight production sites across Europe, the US and Asia. Its UK Saltend Chemicals Park site in Hull is the largest producer of acetic acid, acetic anhydride and ethyl acetate in Europe, and INEOS Acetyls America has been a leading supplier of acetic acid and acetic anhydride to North and South America for more than 45 years. 

2 min read

INEOS makes strategic investment to boost UK gas supply and support energy transition

More gas than ever is now flowing into the UK from INEOS’ Breagh gas field in the North Sea. The increased supply, which will secure domestic gas supplies for UK homes and industry for years to come and help to stabilise prices, follows INEOS’ decision to invest in an electric-driven compressor at the Teesside Gas Processing Plant. “This is a critical time for UK gas demand because we are heading into winter,” said David Bucknall, CEO of INEOS Energy. INEOS’ investment is also crucial to the energy transition because electric-driven compressors are better for the environment. “The original design had a gas-driven compressor, but we switched to an electric powerdriven compressor after doing a carbon impact study,” said David. The compressor, which is now operating round-the-clock, has already led to an increase in production. “It acts as a pump to reduce the pipeline pressure and draw more gas out of the Breagh field and we are seeing production rates in excess of twice the previous daily production,” he said. Gas from the Breagh field is exported via a 110km pipeline to the Teesside plant in Seal Sands, where it is processed and delivered into the National Transmission System. “This project is testament to what can be achieved when the energy industry collaborates,” said Sayma Cox, CEO of the North Sea Midstream Partners, which owns and operates the processing plant. She added: “I would like to thank INEOS for providing the opportunity for us to play our part in this major boost to the UK’s domestic gas supply.” INEOS acquired the Breagh gas field when it bought all the UK North Sea gas fields owned by German firm DEA.

2 min read

What a battle. What a tournament. What next?

BRITAIN’S hopes of winning the coveted America’s Cup for the first time in 173 years ended in Barcelona. The mighty Kiwis – dubbed the All Blacks of sailing – beat INEOS Britannia 7-2 in calm seas to retain the Auld Mug and become the first team in modern history to win three in a row. “We always knew it was going to be hard to beat them, but I think they will be scared of how much we have progressed through the America’s Cup” said Britain’s co-helmsman Dylan Fletcher. It was the first time a British yacht had made the America’s Cup match in 60 years – and the first time a British crew had scored points in the match in 90 years. They were also the first-ever British team to win a challenger series. “To be all those things shows the new standard for British sailing that this team has set,” said INEOS Chairman Sir Jim Ratcliffe. The defenders, Emirates Team New Zealand, had started off like a rocket, winning the first four races in the best-of-13 series. The tide seemed to turn when INEOS Britannia – the official Challenger of Record – won back-to-back races to make it 4-2. “It was a solid effort from the team to get two wins in those difficult conditions,” said skipper Sir Ben Ainslie. In the first of those two races, the New Zealanders had dropped off their foils and then struggled to get up. Only a mistake by the British crew would have changed the outcome, but INEOS Britannia were sailing flawlessly, pulling off slick manoeuvres and maintaining flight. The British crossed the line one minute 18 seconds ahead of the Kiwis. The second race was incredibly tense, but the British won the start and went on to cross the finish line seven seconds ahead of the Kiwis. INEOS Britannia trimmer Leigh McMillan said after the race: “We are looking forward to getting back out there again and keeping the pressure on and momentum going.” But sadly from then on, it was nothing but perfection from the Emirates Team New Zealand who won the following two races in favourable wind conditions to open up a 6-2 lead. For the Kiwis, it was now match point. For the British, it was now do or die. Georgie Ainslie urged husband Ben to channel memories of San Francisco 2013 when, as a tactician, he had helped Oracle Team USA overturn an 8-1 deficit to retain The America’s Cup. It was one of the greatest sporting comebacks ever. And it was against New Zealand. But it was not to be. Despite dominating the start, the Kiwis were soon back in control and 200 metres ahead by the time they reached the first turn. Ben had promised his team would not go down without a fight and on the third leg, INEOS Britannia had reduced the gap to just one metre. But they were just unable to get ahead and although they managed to stay close to the Kiwis, they couldn’t catch them. “We had our moments in the finals, but at the end of the day the better team won,” he said. At the prize-giving ceremony, Bernard Arnault, CEO of Louis Vuitton, said INEOS Britannia had put up a formidable challenge. “You have pushed boundaries, showed resilience and a relentless pursuit of victory, inspiring us all,” he said. He described The America’s Cup, which was founded in the UK in 1851, as a symbol of human ingenuinty, teamwork and inspiration for future sailors. “It is more than just a race,” he said.

2 min read

Louis Vuitton Cup victory

The British team had beaten Italy to set up their clash with the mighty Kiwis. INEOS Britainnia – as the official Challenger of Record – stormed to victory to claim the Louis Vuitton Cup and a place in Britain’s first America’s Cup match for 60 years. “It was a massive day for our team,” said skipper Sir Ben Ainslie. Over nine days, the two crews raced 10 times. After eight races, it was 4-4. “We always expected it would be tough so it was no surprise, but we definitely thought it would go all the way,” said Ben. In the end, though, it didn’t need to. INEOS Britannia, which had earlier recorded the fastest speed in America’s Cup history, broke the deadlock with two back-to-back wins. In the toughest of conditions, with waves up to 1.2 metres, the British crew pushed their AC75 to the absolute limit, nailing the starts and managing to maintain a lead in both races while battling against the elements. “It was a real challenge for both teams,” said Ben. “You’re constantly on a knife edge trying to keep these AC75s foiling whilst cutting through the wave chop.” Those two wins meant INEOS Britannia needed only one more point to clinch the cup that Italy had won in 2021. But the British team knew that if anyone could come back, it was the Italians. What followed, though, was some of the best racing ever witnessed at The America’s Cup. The Italians pushed the British team all the way, but the crew of INEOS Britannia kept their nerve even as the Italians began to chip away at their lead. The British crossed the finish line with a 17-second margin to win 7-4, crushing Italy’s hopes of taking on the Kiwis once more. “I was proud of how the team delivered,” said INEOS Britannia co-helmsman Dylan Fletcher. “It really felt like we’d been building momentum. We were progressing as a team and that was testament to the entire team, the software engineers, the performance team and the shore crew looking after the boat.” Italy’s men may have lost to Britain, but their Luna Rossa Prada Pirelli female crew won the first-ever Women’s America’s Cup, beating Britain’s Athena Pathway in the final by eight seconds. The British boat was skippered by double Olympic champion Hannah Mills, who set up Athena Pathway with Ben Ainslie to improve the diversity in sailing. The Italians also won the Youth America’s Cup title after a comprehensive victory over NYYC American Magic. INEOS up for the challenge BRITAIN is now the official Challenger of Record for the 38th America’s Cup. The Royal New Zealand Yacht Squadron accepted the challenge from the Royal Yacht Squadron shortly after Emirates Team New Zealand had successfully defended the 37th America’s Cup in Barcelona. For as far as the crew of INEOS Britannia is concerned, it is not over. Their mission has always been to win the America’s Cup for Britain, and nothing has changed. INEOS has now backed two America’s Cup campaigns. In 2021 INEOS Britannia lost to Luna Rossa in the Prada Cup Final, which meant the Italians won the right to challenge Emirates Team New Zealand for the 36th America’s Cup in Auckland, New Zealand. This year, though, it was INEOS Britannia’s turn after they beat the Italians 7-4 to win the Louis Vuitton Cup – and the right to challenge the Kiwis for the 37th America’s Cup in Barcelona. Despite failing to win the coveted Auld Mug, the fire that has driven everyone on the team continues to burn. “There can be no denying that there have been ups and downs along the way,” said INEOS Chairman Sir Jim Ratcliffe. “But the path to greatness is never linear, certainly not easy and often takes time, patience and a dogged determination.” The team’s boat was the result of INEOS Britannia’s collaboration with Mercedes-AMG Petronas F1 Team, who helped to design and develop the 6.2-tonne yacht at Brackley, Northamptonshire. The boat was made up of more than 100,000 individually modelled and manufactured components. After each race, the INEOS Britannia team interrogated the data, optimised the technology and refined their sailing strategies to do better.  “Their progress was testament to the unquestioning commitment from everyone in the team,” said Sir Jim

2 min read

Inactive pupils a growing concern for teachers

MANY primary school teachers in the UK are worried about children’s lack of fitness, new research has shown. They fear pupils are becoming less and less active and 52% of those questioned in a recent survey said that many of their pupils would struggle to run a mile. The research was carried out in the run-up to a national UK TV campaign calling on schools to adopt The Daily Mile, a simple, INEOS-backed initiative which has been scientifically proved to improve fitness and concentration in class. “The benefits of physical activity for children are beyond dispute,” said Gordon Banks, global director, The Daily Mile Foundation. “Active children are healthier and happier and we know that leads to better learning outcomes in the classroom.” More than five million children in 98 countries now regularly take part in The Daily Mile, which encourages them to run or walk the equivalent of a mile every day. “The proven success of The Daily Mile makes it clear that building healthy habits for life can be affordable, inclusive and simple,” said Elaine Wyllie, who founded it in 2012 when she was headteacher of a primary school in Scotland. The latest research was carried out by The Daily Mile Foundation. Many (73%) of the 501 teachers questioned said they were concerned that many pupils actively avoided doing anything physical, even during break times, because those children were more likely to be disruptive in class. It was a different story, though, for schools which had adopted The Daily Mile with teachers reporting better behaviour and increased concentration. “The impact of increased physical activity is already being seen in schools who participate in The Daily Mile,” said Elaine.  Recent research by Sport England also showed that an active lifestyle can help to ward off illness in later life. “Their report provided a timely reminder to us all of the life-enhancing benefits of sport and physical activity and the unique role it plays in bringing communities together,” said Gordon. But what the report also highlighted was that those in poorer communities did not have the same access to sporting facilities. “For some children, especially those in underserved communities, the school environment may be their only access to physical activity,” said Gordon. “But that’s where The Daily Mile can help.” Previous research has shown that The Daily Mile has been especially effective in reaching disadvantaged school populations in urban areas with significant health inequalities. “This uniquely positions The Daily Mile to address the challenge of transforming inactive children into active participants,” he said. Recently MP Kim Leadbeater took part in The Daily Mile with children from Liverpool. She said the British government needed to look at cost-effective and practical measures that could be promoted now. “The Daily Mile is a brilliant example of that,” she said. Survey may offer food for thought RESEARCH is being carried out in Italy – with INEOS’ backing and financial help – to judge whether growing children are getting enough vitamin D in their diet. Pupils from two Italian secondary schools and a group of young footballers were asked to keep a daily log of what they ate for two weeks. Researchers are now analysing the results to see whether the food provided the 260 boys and girls, aged 13 and 14, with enough vitamin D. This project is fully in line with INEOS’ culture of leading a healthy lifestyle and shows our commitment to the next generation,” said Annalisa Lo lacono, who works in the HR department at INEOS Inovyn in Rosignano. Growing children need vitamin D to thrive because it keeps their bodies healthy and builds strong bones. Symptoms of vitamin D deficiency can include fatigue, depression, loss of appetite and bone pain. And the most common cause of it is a poor diet. At the start of the project, staff from INEOS, which sponsors Rosignano Solvay football club, met teachers and parents to talk about INEOS Group’s involvement with some of the best and fittest sporting teams in the world – and why it is important for children, especially, to eat a healthy and balanced diet. The results of the questionnaire – now being analysed by a university professor and a nutritionist biologist – will be known and shared with parents, teachers and all stakeholders later this year. “The parents are very pleased because, based on the questionnaires, nutrition experts will be able to provide them with information on how to adjust their children’s diet to correct the vitamin D deficiency,” said Juna Cavallini, HR & Communication Manager at INEOS in Rosignano.

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Raising aspirations

CHILDREN from some of the poorest homes in the UK are being given the chance to learn, experience and develop skills that would otherwise be completely out of reach. They are enjoying days out, visiting the theatre, learning ballet, basketball and tennis, and being taught to play the piano and the violin. And the results are startling. Headteachers at the 100 schools, involved in INEOS’ groundbreaking Forgotten 40 project, say they have seen improvements in their pupils’ self-esteem, resilience, confidence and willingness to learn. “A trip to a bowling alley might be a typical outing for a child from a more affluent home, but to our children, it is like giving them the world,” said Andrew Williams, headteacher at Penrhys Primary school in the Rhondda Valley in Wales. The Forgotten 40 project is now in its fourth year and will run for seven years. It was founded by INEOS whose chairman Sir Jim Ratcliffe grew up in a council home in Failsworth, Manchester. He enlisted help from a trusted team of experts in 2020 after reading disturbing reports about growing childhood poverty in the UK. Over the past three years the 100 schools, chosen by INEOS, have each been given more than £60,000 – and headteachers are trusted to spend it wisely on schoolinspired initiatives to improve the lives of their pupils. So far they have invested in one-to-one counselling for troubled pupils, breakfast for all, boxing lessons to relieve the stress of SATs, and opened shops selling discounted food and household items. They have even bought beds and bedding for children who had none. “If a child is tired because they haven’t slept well or they haven’t eaten, they are not going to be in a good position to learn when they get to school,” said Andrew. Teachers also recognised the importance of taking parents on the journey too – and opened up after-school cookery classes to help them understand the importance of a healthy balanced diet. One of the schools currently being supported by Forgotten 40 is Angela Rayner’s former primary, Bridge Hill in Stockport. The Deputy Prime Minister said she often went to school, not having eaten breakfast. Although INEOS is funding the initiative, it is run by a team who really understand the challenges facing today’s primary school headteachers. Elaine and John Wyllie, Brian Padgett, Sheila Loughlin and Elaine Crotty all know from their own experience that a child’s home life can hamper the ability to do well in school. “Child poverty is nothing new,” said Brian, a former headteacher and government Ofsted inspector. “It has been a priority for successive governments for about 70 years.” Attempts to tackle the problem, though, he said, had focused on raising standards in schools. “No one has tackled the root cause, which is what goes on beyond the school,” he said. “The home underpins everything. If a parent is, for example, ill or worried about food or money, their child will be too, so they won’t be in the right place to learn.” The Forgotten 40 team’s approach has never been tried before. “By helping families to cope and live better, the children benefit,” said Elaine Wyllie, who founded The Daily Mile when she was headteacher at a primary school in Stirling, Scotland. Today that simple initiative to get children fit for life is regularly run by five million children in 96 countries thanks to INEOS’ involvement. Elaine believes funding the inequality gap could be the solution to closing the attainment gap in schools. “Targeting the attainment gap alone is like lighting a fire under a radiator instead of firing up the boiler,” she said. Former Tory MP Seb Coe said Forgotten 40 made ‘considerable sense’ because headteachers were deeply embedded in their communities. “They are in a unique position to identify barriers to learning and they can best work to resolve them,” he said. The Forgotten 40 project is not about sending a child on elaborate, round-the-world expeditions. Instead, it’s about opening a child’s eyes to the world around them and showing them what’s on their own doorstep. “It could be taking them to a local museum or an art gallery that they have never visited before,” said Brian. “By taking them, though, we show them that these places are not just for wealthy children.” Many of Britain’s most deprived schools can be found in former industrial heartlands with a rich and proud heritage. “If these children understand that, we can help to build pride in their own communities,” he said. Every year the headteachers, involved in the project, meet in London to discuss what has worked – and what hasn’t. “We are not expecting all the initiatives to work,” said Elaine Crotty. “What we want to do is encourage teachers to take a risk and try something new.”  INEOS’ Forgotten 40 project focuses on a wide variety of initiatives to improve the lives of children in underprivileged areas. Enrichment activities Nurture and mental health Support for families Educational support Creative projects Community and heritage 2020INEOS enlisted help from a trusted team of experts after reading disturbing reports about growing childhood poverty in the UK 100100 schools across the UK participate in the initiative

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Made in Stoke

BELSTAFF is a prestigious British brand that is known throughout the world. But its success is rooted in the people who brought it to life 100 years ago. So when it came to marking that milestone, the role played by townsfolk in Stoke-on-Trent was never going to be overlooked. For it was in Caroline Street, Longton, where Eli Belovitch started manufacturing the iconic clothing. His factory may have closed years ago, but for those who worked there as pattern-cutters, seam sealers and machinists, the memories remain. “My aunt worked at Belstaff’s and still talks about it now,” said Colin Moss. To mark Belstaff’s centenary, INEOS-owned Belstaff had organised a reunion of those former factory workers. In all, 65 of them gathered at the Gladstone Pottery Museum – just a short walk from the original Caroline Street factory – to share a drink and swap tales from the past. “It was a way of celebrating the people who helped to build the business, many of whom still live locally and remain an integral part of Belstaff’s history,” said COO Kerry Byrne. The reunion, though, was just part of a weekend of celebrations organised by Belstaff. Belstaff had also chartered another emblem of British history – the restored 1950s Belmond British Pullman train – to ferry 150 guests, including designer Priya Ahluwalia, Queenie actress Dionne Brown and Bridgerton actor Daniel Francis, from London’s Victoria Station to Longton. There, guests got a taste of Belstaff’s autumn/ winter 2024 collection and toured an exhibition in the museum, which explored the history of Belstaff from pioneers in waxed cotton to leaders in motorcycle and outdoor, all-weather clothing. On display were some original pieces worn by Sir Chris Bonington during his legendary climb of ‘The Ogre’ in Pakistan in 1977. He reached the summit wearing Belstaff kit crafted especially for him. Outside, a huge mural of Eli adorned the side of 3 Uttoxeter Road. The 10-metre by seven-metre mural was the work of local street artists Rob Fenton and Ethan Lemon. “It was an honour as locals to have been commissioned to create such a meaningful piece,” said Rob. “We hope it remains for many years to come and serves as a long-standing reminder of Belstaff’s never-ending connection to Stoke, the region and its people.” The weekend, which raised £10,950 for charity, also played host to the final stage of Belstaff’s inaugural Cloudmaster Project, which was won by Hadisa Ahmad Tabussam, a fashion student from Manchester Metropolitan University. She won £3,000 and a three-month internship at Belstaff’s HQ in London after impressing judges with her innovative climbing-inspired gear. “Belstaff has a unique relationship with explorers and adventurers,” said Kerry. “And for years it has been helping to equip those independent spirits who dare to risk it all.”   The people who built Belstaff These portraits pay tribute to some of our former factory workers – captured at a very special reunion event hosted at our centenary archive exhibition in Stoke.   Winner of Belstaff’s Cloudmaster project Hadisa Ahmad Tabussam created innovative performance gear that’s protective without being restrictive. Her prototyped designs scored her a cash prize and a 3-month internship at Belstaff HQ.

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INEOS Nitriles reel in cash to help endangered animals

Being a good neighbour is part of INEOS’ DNA. Employees are encouraged to help whoever, whenever and wherever they can. But it’s not just about raising money for worthy causes. It’s also about being part of a community. INEOS Nitriles has helped a small zoo which cares for endangered species that it hopes will one day be returned to the wild. The Green Lake site donated $10,000 to help The Texas Zoo buy a replacement conservation education vehicle so that the zoo’s educators can reach communities that struggle to visit the zoo. “The Texas Zoo is the only zoo between Houston and the southern tip of Texas, which is a distance of 350 miles,” said zoo director Bill Baker. “If we can bring the zoo to them, we can spread our conservation message.” The Texas Zoo is home to some very threatened species, including two of the world’s 300 remaining red wolves. Last year it hosted 5,400 students on field trips. Its conservationists visited 23 additional schools, introducing thousands more students to the zoo’s animal ambassadors and the zoo’s conservation programmes. INEOS Nitriles said it wanted to help because its Green Lake site employs people from all over the area. “The Texas Zoo gets kids out to interact with nature, learn about conservation and have an opportunity to see and touch animals from all over the world,” said site director David Spacek. “We chose to support the zoo because education and conservation are two of INEOS’ values.” The money was raised during a fishing tournament at Port Lavaca, which is known for its world-class saltwater fishing. The inaugural event, which raised a grand total of $33,000, was supported by many of INEOS Nitriles’ contractor companies. The site’s efforts were also supported by the INEOS ICAN Foundation, which provided logistical, financial accounting, design and marketing support. “The foundation also allows donors to receive tax deductions,” said foundation director Kathryn Shuler. “We were pleased to help.” The tournament proceeds funded several additional initiatives, including a two-year process technology scholarship at Victoria College and the cost of sending a local teacher to a national skills training conference. BELGIUM Keen cyclists wheel in the cash for charity KEEN cyclists from INEOS’ sites around the world covered more than 1,000,000 km in 21 days to raise thousands for a host of charities. Among the charities to benefit was a foundation, set up by a well-known Belgian triathlete after he was paralysed in a cycling accident while training for the world Ironman championships. Marc Herremans’ To Walk Again Foundation is designed to help disabled athletes stay healthy in the hope that one day there may be a cure for paraplegia. Marc, who began training as a wheelchair athlete just three months after his accident, is today one of the most requested international motivational speakers in the world. The team from INEOS O&P Lillo donated thousands to Marc’s foundation. In all, 2,540 employees from 32 countries competed in this year’s annual INEOS Tour de France Challenge. As the main Tour de France worked its way around France, the 117 teams put in their leg work, squeezing in rides before, during and after work. The UK clocked up the most kilometres – 279,516 – but Lavera Blanc from France was named as the winning team. INEOS has been running the cycling challenge since 2017. UK Site seeks to inspire tomorrow’s generation EMPLOYEES have been investing their time and energy into making sure INEOS Acetyls has a strong future pipeline of talent in Hull. They know the business thrives from recruiting the brightest and the best, and understand the importance of cultivating tomorrow’s generation of engineers and scientists. As such, they regularly attend events to encourage young people to consider STEM careers. “As a big employer in the area, we want to show the varied and exciting careers we can offer,” said Ellie Westwood, Communications lead. In the past staff from INEOS Acetyls, the largest producer of acetic acid, acetic anhydride and ethyl acetate in Europe, have been part of Humber STEM Event and Humber Science Festival. They have also supported Women in Manufacturing and Engineering, a Humber-based programme to inspire girls and women to consider careers in the manufacturing and engineering sector. The UK site also works in partnership with Hull & East Yorkshire Children’s University to help raise the aspirations of children from some of the most disadvantaged parts of the city. “The work we do with the university is important because it gives us the chance to play a part in broadening local children’s horizons,” said Ellie. Denmark Staff come clean about energy challenges SUSTAINABILITY matters to INEOS Energy Denmark. It also matters to future generations who will experience the long-term impacts of any decisions made today. So INEOS Energy Denmark was keen to take part in a lively debate, which discussed the crucial balance between ensuring energy security and what needs to be done to transition to a green economy. “It was incredibly encouraging to see so many people interested in learning more about what INEOS Energy is doing and engaging in a constructive dialogue,” said Mads Weng Gade, Head of INEOS Energy Denmark. The INEOS team, who attended Denmark’s national Democratic Festival on Energy debate, spoke to hundreds of school students about the green transition and INEOS Energy’s ambition to be a frontrunner in carbon capture and storage – a move seen as vital to meeting climate goals. The team went on to answer questions about European energy supply and carbon capture and storage for the chance to win a signed jersey from Danish striker Rasmus Højlund from Manchester United. USA £25,000 helps charity to build on its foundations A CHARITY which builds homes for those who cannot get a conventional mortgage, was given £25,000 by INEOS. The donation to East Cooper Habitat for Humanity in South Carolina was one of several £25,000 grants awarded to good causes to commemorate INEOS’ 25th anniversary. The charity was nominated by members of the INEOS Aromatics team in Charleston who also volunteered to help to build one of the new homes. More than 50 volunteers built 30 walls for a 1,200 square foot home for a local family in about two hours. “We couldn’t be happier to partner with INEOS as a major sponsor of our next community in McClellanville,” said Kevin Brokes, Executive Director of East Cooper Habitat. “Having a partner who understands the value of giving back to the community where they work and live, allows us to further our goals to provide safe and affordable housing to families in our community who need it the most.” Zimbabwe Children benefit from INEOS’ sporting gesture INEOS has found a good home for its unwanted, branded sports kit – in Africa. So far, it has donated about 2,000 pink GO Run For Fun T-shirts to schools in Zimbabwe and the children love the fact they are all wearing the same kit. “Scimitar Sports helped us to get them there,” said Alexa Chilton, INEOS Energy Station project manager. Chinotimba Primary and Chamabondo Primary, both in Victoria Falls, Zimbabwe, use the kit when they compete in tournaments. The larger T-shirts are worn by the teachers and coaches. The donations were made through Scimitar Sports’ WearThenShare™ initiative, which upcycled thousands of items of sportswear and sends them to developing countries. “INEOS has been a great supporter of our WearThenShare™ programme for many years,” said Adam Yeomans, Mass Participation Manager, Scimitar Sports.  Germany Staff go out of their way to care for environment INEOS staff in Köln, Germany, took part in a global initiative to help clean up the world. About 80 employees from four of INEOS’ businesses – O&P Europe, Nitriles, Oxide and Oligomers – spent an hour scouring the neighbourhood for rubbish and found enough to fill about 25 bin bags. They also found discarded garden chairs, tyres and unwanted old furniture. “It was an impressive amount of rubbish,” said Johanna Pauly, who works in the communications team. Nia Klinkert, a first-year apprentice who took part in World Cleanup Day, said she hoped to do itagain next year. “World Cleanup Day showed me how much each individual can contribute,” she said. UK Manchester United hosts UK’s first Daily Mile Santa Run at Old Trafford INEOS pitched in to help run the first Daily Mile Santa Run at Manchester United’s Theatre of Dreams. The team from The Daily Mile Foundation joined forces with Manchester United Foundation to give nearly 200 local children the chance to complete two laps of the Reds’ famous home. The chosen children live in some of Greater Manchester’s underserved communities. “Being able to come here to do this run set Christmas off brilliantly for them,” said Rick Winstanley, who teaches at St Alphonsus Primary School in Manchester. “Some of them had never been to Old Trafford before so it was a top day allround.” After completing the festive-themed Daily Mile, the children met Santa, and other elves, receiving festive gifts inside the stadium. “Some of these children might not get to experience Christmas in the same way that others do, so it’s been great fun getting them together,” said Collette Roche, Manchester United’s Chief Operating Officer. It was also a golden opportunity to help the youngsters understand the importance of keeping active, even during the winter. In all, children from 29 of Manchester United Foundation’s partner primary schools were invited to take part in the Daily Mile Santa Run. Among them was Meadowbank Primary, one of INEOS’ Forgotten 40 schools. Similar Daily Mile Santa Runs were held around the UK.

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