Ineos on Wednesday announced that it has acquired a 25% interest in the Clipper South gas field from Fairfield Energy Holdings. The deal follows an agreement on 11 October to acquire all of the UK North Sea gas fields from the DEA AG group, including a 50% interest in Clipper South. The latest acquisition will increase Ineos’s ownership of Clipper South to 75% and brings with it development interests in three other licenses.
The acquisition of these North Sea gas fields present “a great entry point” for the Ineos upstream business, the company says. “They are high quality, low risk assets and the deal with LetterOne earlier this month will bring with it a highly experienced offshore management team,” Ineos says. Ownership of Clipper South was previously held by the operator DEA UK (50%) and Fairfield (25%), which will transfer to Ineos. Bayerngas Europe holds the remaining 25%. The transaction with Fairfield is not subject to any regulatory clearances and has been completed on Wednesday. The prior transaction with LetterOne remains subject to regulatory clearances.
Ineos and its joint venture partners are huge consumers of natural gas, ethane, propane and condensates. North Sea oil and gas will make a significant contribution to providing these feedstocks as well as servicing the company’s energy needs.
By Natasha Alperowicz
Source: Chemical Week
Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.
H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.
New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.