Ineos launched plans invest $1.0 billion in Britain’s shale gas industry

Ineos plans to invest $1.0 billion in Britain’s shale gas industry

10:32 AM, 21st November 2014
Ineos launched plans invest $1.0 billion in Britain’s shale gas industry

LONDON, UK: Swiss-based petrochemical firm Ineos launched plans to become the biggest player in Britain’s fracking sector with a $1.0-billion investment in the nation’s shale gas industry. “Ineos has today announced it is planning to invest $1.0 billion in UK shale gas exploration and appraisal,” it said in a statement. The company added that “substantial further investment would follow if the company moved into development and production.”

Ineos already has fracking licences near its plant at Grangemouth in Scotland, but is applying for more in Scotland and the north of England. “If Ineos wins all the Shale gas licences it has applied for, Ineos will be the biggest player in the UK shale gas industry,” the statement added.

In order to extract shale gas, a high-pressure blend of water, sand and chemicals is blasted deep underground to release hydrocarbons trapped between layers of rock.

Campaigners argue the controversial process - known as fracking, or hydraulic fracturing technology - causes water pollution and earth tremors, but energy groups say it drives down gas prices, creates jobs and boosts economic growth.

“I want Ineos to be the biggest player in the UK shale gas industry. 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 Jim Ratcliffe, chairman, Ineos.

© The Economic Times News 

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