Ineos in talks on nuclear reactor tie-up with Rolls-Royce

Sir Jim Ratcliffe’s chemical empire could become one of the first companies to operate on one of Rolls-Royce’s mini nuclear power stations.

Ineos is in talks with Rolls-Royce about building one of the latter’s small modular reactors (SMRs) at its Grangemouth chemicals refinery, the Sunday Telegraph reported.

It comes as Rolls-Royce urges the government to start formal negotiations over funding SMRs it wants to build in England or Wales over the next decade.

Talks: Sir Jim Ratcliffe’s chemical empire could become one of the first companies to operate on one of Rolls-Royce’s mini nuclear power stations

In the long term, SMRs could enhance Britain’s energy security and lower the cost of electricity.

Great British Nuclear, a government advisory group, has estimated that it will cost the UK £200 billion to meet its target of producing 24 gigawatts from nuclear sources by 2050.

Rolls-Royce wants to manufacture around thirty SMRs, but needs upstream customers to finance their development.

Ratcliffe has previously courted controversy over his support for fracking in Britain.