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INEOS CHLOR ANNOUNCES NEW 400KTE CELLROOM CONSTRUCTION CONTRACT AWARD & REVISED FUNDING PACKAGE FOR RUNCORN SITE MODERNISATIONINEOS Chlor announces today that the contract to construct the new 400kte cellrooms in Runcorn has been awarded to Fluor/Uhde. Furthermore, we can also confirm a revision to the funding package to support the modernisation of the Runcorn site. The cellroom contract is the most significant element of the modernisation programme that also includes a new state of the art boiler plant, a new centralised control room and a series of modernisation projects on a number of the other plants on site. Significant progress on the major projects has already been made and all remain on track for completion by 2006. The Fluor/Uhde partnership brings a wealth of experience to this project and, combined with the application of INEOS BICHLOR ™ electrolyser technology, will create one of the most advanced cellrooms in the world. The financing package announced in July 2003 comprised £45m from INEOS Group companies and £60m from ICI, together with Regional Selective Assistance from the UK Government. This was in addition to the original £100m facility, which ICI agreed to provide to the business as part of the original acquisition by INEOS. Under the revised package announced today, INEOS Holdings, a subsidiary of INEOS Group intends to make available additional facilities to INEOS Chlor of £91m ('the New INEOS Facility'). ICI will sell its 15% shareholdings in INEOS Chlor and INEOS Chlor Enterprises to INEOS Group companies and will forego over £100m of loans and accrued interest. ICI will have no further economic interest in INEOS Chlor. The refinancing represents a major vote of confidence by INEOS in the business and is a clear sign of the company's commitment to be a leading player in the global chlor alkali industry. ENDS
For further information please contact the INEOS Chlor Press Office: Craig Welsh |
