LONDON: Swiss-based petrochemical firm Ineos launched plans to become the biggest player in Britain’s fracking sector with a $1bn investment in the nation’s shale gas industry.
“Ineos has today announced it is planning to invest $1bn (£640m) in UK shale gas exploration and appraisal,” it said in a statement that however sparked anger from environmentalists over the controversial energy extraction method.
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,” said Chairman Jim Ratcliffe.
AFP
