Ineos Scotland Looks to Fracking To Secure Cheap Fuel Stock

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An interesting article from Hydrocarbon Processing about Scottish Petrochem giant, Ineos (owners of the Grangemouth refinery).

With natural gas prices in Europe more than double [the] costs in the US, INEOS Group has a novel solution: start fracking.

The world’s fourth-biggest petrochemical manufacturer bought a license last month to look for fuel around its refinery in Grangemouth, Scotland. That complements a deal by Ineos to import gas from the US, a step followed by other chemical companies in Europe such as Borealis and Saudi Basic Industries Corp. (SABIC). Scotland will next week vote on whether to stay in the UK.

That’s certainly an innovative solution to an increasing problem caused, in no small part, by the crippling cost of green taxes in Europe.

The article goes on to talk about the risk to Europe’s energy intensive industries unless cheaper supplies of fuel and power can be found quickly.