Swiss chemicals company, Ineos, has bought 12 North Sea gas fields from Mikhail Fridman’s investment fund, LetterOne, for an estimated £490 million.
Jim Ratcliffe, Ineos Chairman, commented: “We are pleased to acquire a strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team. Ineos has been very open about its intention to make strategic investments in the North Sea and this acquisition is our first step in fulfilling this goal. It will also help our UK petrochemical assets to have ongoing access to competitive energy.”
Ineos owns the Grangemouth refinery, Scotland, and the fields that the company has bought provide up to 8% of the UK’s gas.
Talking of the gas fields, Ratcliffe continued: “They are high quality, low risk assets and they come with a highly experienced management team. Whilst no decisions have yet been made, we will continue to evaluate other opportunities in the North Sea. Ineos has been very open about its intention to make strategic investments in the North Sea and this acquisition is our first step in fulfilling this goal. It will also help our UK petrochemical assets to have ongoing access to competitive energy."