The infrastructure loan guarantee allows Ineos to raise funds for the new terminal to store and process ethane from shale gas at its Scottish site.
Jim Ratcliffe, INEOS Chairman, said: “Without doubt, this is one of the most important projects of recent times in Scotland, with implications to be felt right across the UK, not only for employment but also for manufacturing in general
Specialist contractor TGE will build the plant which was granted planning permission in May.
TGE Managing Director, Werner Schlott said: “As a company we have extensive expertise and knowledge of tank construction and relish the opportunity to bring this to Scotland. We look forward to working with the project team at Grangemouth and to delivering the ethane storage tank.”