Ineos chief executive Jim Ratcliffe, who was involved in a bitter dispute with a trade union over plans to close the plant last year, is establishing the Go Run For Fun organisation.
It aims to get youngsters involved in more exercise, and as many children as possible out running.
Mr Ratcliffe said: "Go Run For Fun will be the leading advocate of children's running in the UK. It will work with parents, schools and communities to help kids get fit and have fun running. The money will be spread over three years."
The charity is already supported by three leading British Olympians, Lord Coe, Brendan Foster and Colin Jackson, and more ambassadors are expected to be announced shortly.