[Kinneil is in Grangemouth or maybe it’s just in next-door Bo’ness]
Reported in Oil & Gas, yesterday, Ineos have paid $250 million for BP’s ‘interests’ in the Forties pipeline system and as a consequence they will be helping in ‘maximizing the recovery of the UK’s remaining hydrocarbon resource and the new business opportunities they will open up for the oil and gas supply chain will be very welcome.’
It seems that integrating the Ineos plant at Grangemouth with the pipeline will help create new opportunities for further development in the North Sea. This is all very positive-sounding if a little vague at this stage but it does look potentially fruitful for Grangemouth’s refinery and thus for jobs and wealth creation there and in the Central Belt more generally. Maybe, it is part of a recognition by Ineos that they won’t be growing by fracking in Scotland and so must get in on the Third Wave of wealth generation coming from the North Sea. See:
An Edinburgh University Professor says North Sea oil and gas has only ten years left while the Wall Street Journal describes it as an ‘oil hot spot’ and Oil and Gas UK doesn’t recognise his figures. Who’s right?