Rolle, Switzerland – Ineos has confirmed reports that it plans to invest $1 billion in shale gas exploration and development in the UK.
If it wins all the shale gas licenses it has applied for, Ineos will be the biggest player in the UK shale gas industry, said a 20 Nov statement from Swiss headquartered company.
Most of the licenses sought are in areas with roots in mining or traditional heavy industries in Scotland and the North of England.
The company has promised to give local communities there 6 percent of any revenues generated from its shale gas activities. This, it estimates, will typically be worth £375 million to a community.
“I want INEOS to be the biggest player in the UK Shale gas industry, said Ineos chairman Jim Ratcliffe (pictured). “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”
Ineos already own two potentially significant shale licences in Scotland, comprising over 120,000 acres. It is also investing a further £400 million in an ambitious project to bring US shale gas to its Grangemouth site in Scotland.in the US.