Finnish energy firm Fortum has sold its power plant at Grangemouth to the refinery’s owner, Ineos.

Ineos handed over £54 million for the Combined Heat and Power (CHP) plant.

Able to generate up to 145 megawatts (MW) of electricity and 257 MW of heat, it provides power and steam to the petrochemical and refining plant.

Excess electricity is sold to the national grid.

Sasu Valkamo, Vice President of the Nuclear and Thermal Power Division at Fortum said: “The Grangemouth CHP plant is a highly efficient and modern power plant and as INEOS has a long term plan to develop the Grangemouth site, this was a good opportunity for both companies.”

Fortum will run and maintain the power plant.

Based near the Firth of Forth, Grangemouth is one of seven major refineries in the UK and can handle 9 million litres of fuel and 1 million tonnes of petrochemicals a year.