INEOS to make first ethane shipment from US at year-end
The imported ethane will be used in the company’s Rafnes cracker in Norway. Ineos aims to expand the feedstock options for its plants in Europe in order to take advantage of the low prices for ethane gas in the US stemming from significant supply growth in the last five years.
As part of the these efforts, the company has reached an agreement with Deutsche Erdol AG (DEA) to buy all of the company’s North Sea gas fields which meet 8% of the UK’s annual gas production. The transaction is expected to be completed by the end of this year. INEOS reportedly stated that natural gas, ethane, propane and condensate supplies from North Sea oil and gas fields may significantly help them meet their feedstocks and energy needs.
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