- INEOS Inovyn has today signed two new long-term power agreements with Statkraft, Europe’s largest generator of renewable energy.
- The new deals cover a capacity of 100MW as of May 2023 and an additional 30MW from 2026.The power supply will come exclusively from renewable sources.
- The base agreement extends the long-term relationship with Statkraft and secures competitive green power to INEOS Inovyn’s world leading Chlor-Alkali and PVC assets at the Rafnes and Porsgrunn sites in Norway.
- The additional agreement is linked to INEOS Inovyn’s extensive development plan in process electrification and hydrogen production, which aims to further reduce the carbon emissions from its operations.
- “This is a major milestone in our continued efforts to keep our Norwegian assets competitive and reduce our carbon footprint in Norway. We were already leading the charge globally, but now we are one step closer to reaching our 2030 CO2 reduction targets and complete decarbonisation of our operations by 2050,” said Geir Tuft, CEO of INEOS Inovyn.
INEOS Inovyn and Statkraft have today renewed their long-standing partnership in Norway by signing two new long-term power agreements to supply renewable energy for INEOS Inovyn’s Rafnes and Porsgrunn sites.
The first agreement effectively replaces the site’s existing power contract, which will expire in May 2023. It covers a capacity of 100 MW for an annual renewable energy production of 876 GWh each year. The second agreement will come into effect in 2026: it will cover an additional 30MW (263 GWh per year) and will support INEOS Inovyn’s extensive development plan in process electrification and hydrogen production at Rafnes.
In Norway, INEOS Inovyn produces caustic soda, chlorine, hydrogen, vinyl chloride monomer and PVC - fundamental raw materials for sectors as diverse as automotive, building and construction, paints and adhesives, food, healthcare and medical, personal care, pulp and paper, textiles, and water treatment.
"These long term green energy supply agreements allow us to continue to competitively supply caustic soda and PVC from Norway to our customers in Europe and elsewhere in the world. They also enable us to pursue our ambitious asset development plans which we have put in place to reach our 2030 CO2 reduction targets and to continue the decarbonisation of our operations to deliver net zero emissions by 2050,” Geir Tuft, CEO of INEOS Inovyn, commented. “Statkraft’s support is critical for us to carry out this ambition as early movers in Norway and hence achieve our climate goals benefiting the full value chain for our customers.
Statkraft is equally proud of the deal, with Hallvard Granheim, Executive Vice President Markets, Statkraft stating: “The fact that we are contributing to INEOS Inovyn Norway’s extensive manufacturing in Norway and its planned investments in substantial emission reductions is a value added, and perfectly in line with our vision to renew the way the world is powered.”
The new agreement is the latest brick in the wall of INEOS Inovyn’s sustainability efforts for its Norwegian sites. It supports the Electra(*) and Aquarius(*) projects - which focus respectively on ground-breaking technology to fully electrify the production of vinyl chloride and the first INEOS Inovyn hydrogen plant based on water electrolysis – leading to an additional 40% reduction of the site’s carbon footprint over the coming years.
ENDS
(*) Electra and Aquarius are two projects recently announced by INEOS Inovyn. For more details please refer to both press releases.
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About INEOS Inovyn
INEOS Inovyn is Europe's leading producer of vinyls and in the top three worldwide. With an annual turnover of €4.5 billion, INEOS Inovyn has circa 4,200 employees and manufacturing, sales and marketing operations in 8 countries across Europe. The INEOS Hydrogen business is organised as a part of INEOS Inovyn.
INEOS Inovyn’s portfolio consists of an extensive range of class-leading products arranged across General Purpose Vinyls; Specialty Vinyls; Organic Chlorine Derivatives; Chlor-Alkali; Hydrogen and Vinyls Technologies. INEOS Inovyn's annual commercial production volume is circa 10 million tonnes. In Norway INEOS Inovyn operates assets in Rafnes and Porsgrunn.
See www.inovyn.com and www.ineos.com for more details.
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INEOS is one of the world’s largest chemical producers and a significant player in the oil and gas market. Learn more about who we are, today.
About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 5,000 employees in 20 countries.
