Ineos acquires North Sea gas fields for GBP 490m

In a deal estimated at GBP 490m, Swiss chemicals company Ineos bought 12 North Sea gas fields from an investment funds controlled by Russian billionaire Mikhail Fridman. The UK government gave Fridman six months to sell the gas fields acquired by his LetterOne fund in March or face having his operating licenses revoked. UK politicians said they are worried Fridman may be at risk of international sanctions by the US and EU over Russia’s involved in Ukraine. The gas fields, located along the east coast of Scotland and the northeast of England, make up 8 percent of the UK annual gas production, according to Ineos.

“We are pleased to acquire a strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team,” said Ineos chairman Jim Ratcliffe. “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. It will also help our UK petrochemical assets to have ongoing access to competitive energy.”