Grangemouth Oil Refinery in Scotland to close by 2025 and lose 400 jobs
Petroineos, the operator of Scotland's sole oil refinery, announced on Thursday that it would close the facility in 2025, resulting in the loss of 400 positions. The closure is part of plans for the site, which has been around 100 years, to be converted into a fuels-import terminal. Petroineos will shut down the refinery in the second quarter next year. This is subject to employee consultations, according to a spokesperson for the company. The closure of the oil refinery with a capacity of 150,000 barrels per day, which is located in the Firth of Forth, will result in the loss of 400 jobs.
Ineos to Upgrade Forties Pipeline
Billionaire Jim Ratcliffe's petrochemicals company Ineos said on Wednesday it would spend 1 billion pounds ($1.33 billion) on UK energy assets, including the Forties pipeline, which carries almost half of Britain's oil and gas from the North Sea.Ineos said it would invest 500 million pounds on overhauling its ageing Forties pipeline, which has been in service since 1975 and can carry up to 600,000 barrels per day (bpd) of oil.Founder and chairman Ratcliffe, Britain's richest man, said the investment underscored the company's commitment to its…
Partners Eye Conoco's North Sea Assets
Italy's Eni has teamed up with private equity firm HitecVision to bid against Chrysaor for ConocoPhillips' North Sea oil and gas assets, sources close to the process said.Conoco relaunched the sale process in recent weeks after energy and chemicals firm Ineos, privately owned by British billionaire Jim Ratcliffe, abandoned exclusive talks with the U.S. company, the sources said.The sale, which would mark Conoco's exit from the ageing basin after more than 50 years, was expected to raise up to $2 billion.Eni is partnering with Norway's HitecVision to bid for the assets…
Ineos to Buy ConocoPhillips North Sea Assets
Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S. energy giant.The Sunday Times, which first reported the story, said that the period is said to be set to three months after the entity registered in Switzerland agreed to pay a "substantial" deposit.Accoding to the Financial Times…
Britain's First U.S. Shale Gas Arrives in Scotland
Britain's first shale gas delivery from the United States sailed into a heated European political debate on fracking on Tuesday and immediately ran into its first practical problem - the Scottish weather. The huge "Ineos Insight" tanker had entered the Firth of Forth at sunrise, a lone Scots piper playing on its bow, as it headed for the Grangemouth refinery, west of Edinburgh. But gusty squalls prevented it from unloading its controversial cargo before an assembled crowd of dignitaries. "The Insight vessel was unable to dock at the port due to high winds," said a spokesman for Zurich-based chemicals giant Ineos. It would arrive at the port as soon as wind died down, he added.
U.S. Shale Gas Shipment to Arrives in Britain
The first shipment of gas fracked from U.S. shale will arrive in Britain next week, upping pressure on Scotland to reassess its opposition to fracking. Chemicals giant Ineos will be importing ethane, obtained from rocks fractured at high pressure, in a foretaste of larger deliveries of liquefied natural gas (LNG) from shale set to reach Europe in 2018. The shipment of ethane, used to make plastics, anti-freeze and detergents, will arrive in Scotland's Firth of Forth on Tuesday, accompanied by a lone Scots piper at sunrise, the company said. The Zurich-headquartered group is against a Scottish moratorium on fracking.
US Shale Gas Arrives in Europe
* The INEOS Intrepid, the world’s largest multi gas carrier, today arrived at Rafnes in Norway carrying 27,500m3 of ethane from US shale gas. * This is the first time that ethane from US shale gas has ever been shipped to Europe and represents the culmination of a $2 billion investment by INEOS. * INEOS intends to eventually use eight of these huge ships to provide a virtual pipeline shipping US shale gas to its two petrochemical sites in Norway and Scotland, as US shale gas replaces the reducing gas feed from the North Sea. * Jim Ratcliffe, chairman and founder of INEOS, says, “This is a strategically important day for INEOS and Europe.
Ineos Buys North Sea Gas field from Russian Billionaire
Swiss chemicals company Ineos has bought all the UK North Sea gas fields owned by the DEA Group, which is in turn owned by Russian billionaire Mikhail Fridman's investment fund LetterOne, the companies said on Sunday. In April, Britain's Energy Ministry gave Fridman six months to dispose of oil and gas fields LetterOne bought from German utility RWE, or see their licences revoked as the West tightened sanctions against Moscow over its role in the Ukraine. "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.
UK Struggles With Shale Gas Laws
British PM Cameron says still wants shale gas to go ahead; government, industry have met to discuss shale gas. Pressure is mounting on Britain's pro-shale government to make changes to the planning system after local politicians rejected two projects that could have become Britain's first shale gas producing wells. Prime Minister David Cameron, who has promised to go "all out for shale", said he respected the planning process but still wanted shale gas to go ahead. His quest to replicate at least a small slice of the United States' success in bringing down energy prices with the help of shale gas is now looking bleaker than ever.
Evergas Acquires first Multigas LNG vessels
Evergas’ latest additions to its fleet, two ‘dragon class’ 27.500 cbm multigas LNG carriers, were successfully named today at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China. The state-of-the-art carriers were named JS INEOS INSIGHT and JS INEOS INGENUITY. Both vessels bear a distinct dragon symbolizing their Chinese and Western heritage. vessel JS INEOS INSIGHT is the King of Fire, reflecting a strong, vigorous and steadfast future ahead. For our 2nd vessel JS INEOS INGENUITY the dragon chosen to sail and protect is the King of Water, reflecting strong fortunes for the future ahead.
Ineos to Invest Big in UK Shale Gas
Swiss chemicals group Ineos announced on Thursday plans to invest $1 billion in shale gas exploration in Britain as efforts to emulate the U.S. shale boom ramp up. The potential investment, which is subject to the company winning all the government exploration and development licences it has bid for, could make Ineos one of Britain's biggest player in a burgeoning industry that faces fierce opposition from environmental activists. "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 company's Chairman Jim Ratcliffe said.
