LONDON, June 19 /PRNewswire/ -- An industrial dispute has arisen involving the INEOS Group of companies and Unite the union in relation to changes proposed to the company's pension arrangements for current and future employees at the Grangemouth Refinery Petrochemicals site in Scotland. In April 2008 industrial action took place and prior to the action commencing statements were made by both the company and the union representatives in relation to the dispute.

On behalf of Unite it was alleged that the company had stripped GBP40m of assets from the pension fund at the time of the transfer of the fund from BP in 2005. Unite confirms that when the pension transfer to INEOS occurred in 2005 the scheme was fully funded and INEOS has at no time stripped, removed or received any assets from the fund. Unite is happy to provide this clarification of the earlier statements made by the union in relation to this dispute.

For further information call Pauline Doyle, Head of Media & Campaigns, +44(0)20-7420-8928