Petrochemical company Ineos in major North Sea gas deal
CHEMICALS giant Ineos has snapped up 12 North Sea gas fields.
Ineos already controls the Grangemouth refinery and petrochemical plant
The firm, which controls the Grangemouth refinery and petrochemical plant, bought the sites after Russian oligarch Mikhail Fridman was forced to sell them under new regulations.
Ineos has been very open about its intention to make strategic investments in the North Sea and this acquisition is our first step in fulfilling this goal
The fields, the largest of which are the Breagh and Clipper South, account for 8 per cent of the UK’s gas and produce enough power to heat one in 10 British homes.
Announcing the deal, Ineos chairman Jim Ratcliffe said: “Ineos has been very open about its intention to make strategic investments in the North Sea and this acquisition is our first step in fulfilling this goal.”.
Ineos chairman Jim Ratcliffe
Robin Nevin, chairman of Ineos Upstream, a subsidiary set up to oversee the latest investment, said: “Ineos and its partners are huge consumers of natural gas, ethane, propane and condensates. North Sea oil and gas can make a significant contribution to providing these feedstocks.”
UK Energy Secretary Ed Davey told Mr Fridman before May’s election that he must sell the fields as it was not in the UK’s interest to have them at risk of sanctions against Russians