Ineos snaps up more assets
Ineos has snapped up the oil and gas business from Denmark’s Dong Energy in a $1bn (£771m) deal.
Jim Ratcliffe’s chemical firm will fork out an initial $1.05bn for the business, with up to $250m in further payments relating to a stabilisation plant and a new North Sea oil field development.
Last month, Ineos bought BP’s Forties pipeline system for $250m.
Jim Ratcliffe, Ineos chairman said: “Dong Energy’s oil and gas business is a natural fit for Ineos as we continue to expand our upstream interests.
“This business is very important to us at this stage of our growth plans and we are delighted with the expertise that comes with it.
“We have been successful in our petro-chemical businesses, focussing on operating our assets safely, efficiently and reliably and we intend to do the same with our oil and gas assets.
“We are keen on further growth and already see lots of opportunity within this impressive portfolio when it transfers to Ineos.
The deal comes as Dong Energy focuses its energy on offshore wind power. It announced plans to withdraw from its oil and gas business back in November, to concentrate on renewable energy.”