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Jim Ratcliffe talks about INEOS £2.5bn Shale gas offer

INEOS, one of the world’s largest chemicals company, has announced plans to give 6% of its Shale gas revenues to homeowners, landowners & communities who live above its Shale gas operations. INEOS anticipates being a major player in the Shale gas industry and believes it will give away over £2.5 billion over the life of its business. INEOS is one of very few businesses that can use Shale gas as both a fuel and a feedstock in its manufacturing plants. It is already spending hundreds of millions of pounds to import large quantities of Shale gas from the USA to its Grangemouth facility in Scotland, a necessity as the availability of gas in the North Sea has declined. It believes that a UK Shale gas industry could create thousands of direct new jobs and tens of thousands of indirect new jobs. It also has the potential to make up a significant proportion if not the totality of UK gas requirements going forward.This would give the UK energy security for the first time in many years. Shale gas also produces approximately half the greenhouse gas of coal and so has the potential to significantly reduce UK greenhouse gas emissions.

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