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
PepsiCo Europe and crop nutrition company Yara have announced a long-term partnership aimed at providing European farmers with low-carbon crop nutrition solutions to help decarbonise the food value chain. Under the agreement, Yara will supply PepsiCo with up to 165,000 tons of fertiliser per year by 2030, covering around 25% of the food and beverage giant’s crop fertiliser needs across Europe.
BASF has signed an agreement to sell its flocculants business for mining applications to Solenis, a specialty chemicals manufacturer. The divestment of the flocculants business to Solenis is part of BASF’s ongoing portfolio optimisation with the aim of focusing on strategic core areas.
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