<article><p>Switzerland-based chemical firm Ineos has taken a further step into UK shale gas by agreeing to buy stakes in licences held by UK independent IGas.</p><p>Ineos will acquire a 50pc stake in four licences and a 60pc stake in a further three licences, all in the Bowland shale in northwest England, as well as all of IGas' working interest in one licence in Scotland. Ineos also has the option to acquire a 20pc stake in two licences in central England. It will pay £30mn ($45mn) in cash for the stakes and fund up to £138mn of work in the licence areas.</p><p>Ineos has been working on plans to become a major force in the UK's fledgling shale gas industry. It bought a 51pc stake in a Scottish shale licence from UK firm BG in September last year and plans to invest over $1bn in UK shale gas exploration, which it claims could fuel a "manufacturing renaissance." Developing its own shale gas production could provide Ineos with an integrated supply chain of energy and chemical feedstocks, such as ethane and propane, at its Grangemouth chemicals facility in Scotland.</p><p>bw/kaf</p><p><br> Send comments to <a href="mailto:feedback@argusmedia.com" target="_parent"> feedback@argusmedia.com </a></p><p><u><a href="http://www.argusmedia.com/Info/General/News" target="_TOP"> Request more information </a></u> about Argus' energy and commodity news, data and analysis services. </p><p><i> Copyright © 2015 Argus Media Ltd - <a href="http://www.argusmedia.com/" target="_TOP"> www.argusmedia.com </a> - All rights reserved. </i></p></article>
