INEOS Joins Race for U.K. Shale Gas

GALWAY, IRELAND--October 1, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) Chemicals manufacturing major, INEOS (Switzerland), has announced its entry into the budding U.K. shale gas market by taking a 51% stake in a large onshore oil and gas licence block in Scotland.

INEOS Upstream, the company's new oil and gas exploration and production business, has bought the share from BG Group plc (LSE:BG) (Reading, England) which covers the area surrounding the INEOS-owned Grangemouth refining and petrochemical complex where infrastructure is currently being built to import shale gas ethane from the U.S.