SCOTS JR IS KING OF THE NORTH SEA
Takeover makes Ineos biggest player
BILLIONAIRE Jim “JR” Ratcliffe has snapped up a Danish energy group – turning Ineos into the biggest private player in the North Sea.
His firm, who own Grangemouth oil refinery, said the £1billion buy-up of Dong Energy’s assets could be followed by more deals.
Ruthless Ratcliffe said the business was a “natural fit” for Ineos, who earlier this month struck a deal with BP to buy the Forties pipeline, which brings ashore 40 per cent of UK North Sea oil.
The deal, which also puts Ineos into the top 10 North Sea oil producers, means all 440 Dong employees will transfer to Ratcliffe’s firm.
Unite’s Pat Rafferty said: “The news that Ineos have acquired Dong’s business will leave workers uncertain about their future.
“Unite would urge the company to ensure that existing terms and conditions are protected.”
Dong’s assets include stakes in Ormen Lange, the second largest gas field in Norwegian waters, and the new Laggan-Tormore gas field west of Shetland.
Dong produced 100,000 barrels of oil and gas a day in 2016.
They are also estimated to have up to 570million barrels of oil and gas reserves across the Danish, Norwegian and UK shelves.
Ratcliffe, 64, said: “This business is very important to us at this stage of our growth plans and we are delighted with the expertise that comes with it.
“We are keen on further growth and already see lots of opportunity within this impressive portfolio when it transfers to Ineos.”
Ineos director Tom Crotty said further deals are likely.
He said: “We’re still looking. We’ve made no secret of our ambition to grow. I’d be surprised if we don’t do a few more deals.
“We’re talking to quite a few different people.”