Ineos in £1bn North Sea expansion
CHEMICALS giant Ineos, which runs the Grangemouth refinery, has agreed to buy the North Sea oil and gas portfolio of Denmark’s Dong Energy for up to $1.3 billion (£1bn).
The acquisition will give Ineos control of assets in the UK, Norway and Denmark which contain around 570 million barrels oil equivalent reserves.
Dong has decided to focus on renewable energy.
Owned by billionaire Jim Ratcliffe, Ineos bought the North Sea Forties Pipeline System and Kinneil terminal from BP for $250m last month.
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