Ineos plans to invest £1 billion (about $1.3 billion) in the UK. About half the money will go toward upgrades to the Forties Pipeline System, which can bring 600,000 barrels of North Sea oil onshore every day. A third will go toward a new steam and power plant for Ineos’s Grangemouth, Scotland, refining and petrochemical site. The rest will be used to build a 300,000-metric-ton-per-year vinyl acetate plant in Hull, England. The company has been planning a vinyl acetate plant for Europe since 2017. It closed a vinyl acetate plant in Hull in 2013.