Ineos Snaps Up North Sea Gas Fields
Posted on: 13/10/2015

Ineos, the multinational chemicals company, has finalised a Multi-Million pound deal to buy 12 North Sea gas fields. The group has secured a £490m deal despite a very turbulent time for the British Energy sector, with low oil prices and reduced investment in North Sea production.

Ineos Founder and Chairman Jim Ratcliffe, said that they ‘are pleased to acquire a strong portfolio of natural gas assets’, adding that the company would also be exploring other oil and gas fields in the area. The newly-acquired fields are located between the east coast of Scotland and the north east of England, and represent the first steps in completing Ineos’s plans to invest more in the North Sea.

Ineos, which owns the Grangemouth refinery in Scotland, has bought the fields from a company set up by Russian billionaire Mikhail Fridman after being forced into a swift sell. Back in April 2015, the British government gave Mikhail Fridman’s Energy business DEA, six months to sell or have their field licences withdrawn, after it ruled it was not in the UK’s interests to have them at risk of international sanctions against Russian companies and individuals.

Grangemouth is Scotland’s only crude oil refinery and produces items for the petrochemical and pharmaceutical industries.

Aside from North Sea ventures, Ineos has also been heavily investing in UK shale gas exploration. They are one of the few companies who are able to use Shale Gas as a fuel and feedstock, with plans to make Ineos the biggest player in the UK shale gas industry.

Ineos currently provide up to 8% of the UK’s annual gas requirement, supplying nearly 1 in 10 British homes.

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