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INEOS to invest £640 million in shale gas exploration

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/11/2014 (15:40)
According to media reports, Switzerland-based Ineos Group plans to invest up to £640 million in exploration and production of shale gas in Scotland, UK. The company aims to use the gas as feedstock for its chemicals plants, especially for its loss-making Grangemouth complex, for which the company hopes to reverse its poor production economics.

The company is reportedly building Europe’s largest shale gas import facility to feed its petrochemicals plant at Grangemouth. "I believe shale gas could revolutionise UK manufacturing and I know Ineos has the resources to make it happen, the skills to extract the gas safely and the vision to realise that everyone must share in the rewards," said Ineos boss Jim Ratcliffe.

Meanwhile, the company already has two other licenses comprising over 120,000 acres in the UK while the company is also investing £400 million on a project to bring US shale gas to Grangemouth. The company announced that 6% of the revenues from its shale gas production in the UK will be given to local homeowners and landowners.
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