The first shipment of shale gas from fracking is to arrive in Scotland within weeks, Ineos bosses confirmed as they hit out at the Scottish Government’s “absurd” moratorium on the controversial practice.
A subsidiary of chemicals giant Ineos has snapped up North America’s top producer of sulphur dioxide and other chemicals used for treating wastewater for an undisclosed fee.
Ineos Enterprises, part of the Swiss-based company owned by billionaire industrialist Jim Ratcliffe, bought Calabrian Corporation from New York private-equity firm SK Capital Partners late last month.
SK recapitalised Calabrian in 2011 alongside the Cogliandro family, which founded the company.
Petrochemicals giant Ineos is said to be planning to lodge as many as 30 applications to drill test wells in the next six months, according to reports.
Ineos said yesterday it was investing millions of pounds to expand production at a factory that will use ethylene produced from US shale gas into Scotland as its main raw material.
Senior executives at Ineos have claimed Scotland's economic fortunes could be transformed by fracking with new estimates suggesting it could be capable of producing more has than has been found in the North Sea.
Petrochemical giant Ineos has “fired the starting gun” on its fracking programme by pressing ahead with plans to lodge test drilling applications by the end of the year.
Ineos has accused Falkirk Council of defying ‘common sense’ after the local government reopened a main road, which runs through the middle of the firm’s Grangemouth petrochemical site.
The operator of the Grangemouth petrochemical plant confirmed a second manufacturing unit will be reopened as the site prepares to receive shale gas ethane from the US.
The chief executive of Ineos Jim Ratcliffe said the company's purchase of a number of North sea assets was a "sensible" move as it looks to expand its oil and gas reach.
Infill drilling work at the Breagh gas field could be delayed as further investments in its first phase are put under review.
Sterling Resources said the production at the gas field in the North Sea is continuing slightly ahead of schedule.
Production last month averaged 28.1million standard feet of sales gas per day.