Britain is to see its first deliveries of US shale-derived gas in 2016 when Scottish chemicals Giant Ineos completes a £300m investment program at its Grangemouth plant. The chemicals giant that had threatened to close Grangemouth has revealed a plan that will transform the economics of the loss-making site, making it almost instantly profitable. The Company has agreed a long-term supply deal, spanning 15 years, with US oil and gas group Range Resources. Central to the plan is the construction of new shipping and storage facilities to handle imports of ethane, which is 75pc cheaper in America due to the shale gas revolution. According to Ineos even after factoring in the storage and transportation costs the new supply will be half the cost of gas sourced from the North Sea. (VIEW LINK)
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