Sector News

Britain’s IGas strikes shale gas deal with Ineos

March 10, 2015
Chemical Value Chain
(Reuters) – Britain’s largest shale gas developer IGas has signed a 30 million pound ($45 million) shale gas deal with Switzerland’s Ineos which gives the latter access to shale sites outside of Scotland and brings IGas another partner to fund its projects.
 
As well as a 30 million payment, Ineos has committed to covering investments of 138 million pounds for developing various shale gas fields across the England, giving IGas access to additional cash to bring shale gas wells on stream.
 
The British government is counting on companies tapping the country’s shale gas resources to stem its growing dependence on gas imports as North Sea fields are producing less and less.
 
IGas has already signed so-called farm-out deals with French energy firms Total and GDF Suez, bringing the total investments gained from partners to $285 million.
 
“INEOS’s commitment of upfront cash and considerable capital investment will help fund us through the next steps of our shale appraisal and production programme,” said IGas chief executive Andrew Austin in a statement.
 
Ineos, a Swiss petrochemical and refining company, said last year it planned to invest $1 billion in British shale gas exploration. It currently has acreage in Scotland.
 
($1 = 0.6627 pounds)
 
(Reporting by Karolin Schaps; Editing by Mark Potter)

comments closed

Related News

June 24, 2022

BASF to build commercial scale battery recycling black mass plant in Schwarzheide, Germany

Chemical Value Chain

BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.

June 24, 2022

Clariant restructures business units, reorganizes leadership

Chemical Value Chain

Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.

June 24, 2022

Chemicals & Plastics Procurement: what to expect in the second half of 2022

Chemical Value Chain

Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.