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INEOS slams Environmental Audit Committee Report on Fracking

  • INEOS today hits out at the Environment Audit Committee’s call for a moratorium on fracking.
  • INEOS believes the EAC report is a missed opportunity. It is partial, partisan and has deliberately focused on the potential risks rather than the benefits of fracking.
  • Over 1 million wells have been drilled in the USA and this has led to a manufacturing renaissance which has bought jobs and prosperity to the country.
  • INEOS believes that fracking can be done safely in the UK and that the rewards will benefit the entire country.
  • INEOS Director, Tom Crotty, says, “The UK needs Shale gas and we know that INEOS has the skills to safely extract it from the ground without damaging the environment. We have committed to consultation with local communities and to give them 6% of the entire revenue from our Shale gas wells. Without Shale gas, UK manufacturing will start to collapse so we need to kick start the Shale gas industry, not put it on hold”.

INEOS, one of the world’s largest chemical companies, today hit out at the Environmental Audit Committee’s proposal to call a halt to Shale gas development in the UK.

The company believes that the EAC has overly focussed on the potential risks rather than the benefits of Shale gas extraction.

INEOS Director, Tom Crotty, says, “This was a missed opportunity. The Committee deliberately sought out views that focussed on concerns about water quality, emissions and geological integrity and so produced a partisan and partial report. The Committee refused to see INEOS and didn’t look hard enough at the massive decline in the UK’s manufacturing base and the country’s desperate need for Shale gas to reduce energy costs and revitalise industry”.

Over 1 million Shale gas wells have been drilled in the USA, the vast majority of them without any problems, and this has led to a manufacturing renaissance which has bought jobs and prosperity to the country.

INEOS has recruited some of the best US Shale gas experts with over 15 years of expertise in responsible shale gas extraction and they now stand ready to help the UK develop its own Shale gas industry. INEOS track record in safely running complex petrochemical plants makes it a perfect choice to lead the UK's shale gas revolution.

INEOS is also committed to public consultation and has agreed to give local communities 6% of all its Shale gas revenues, ensuring the rewards are fairly shared by all the stakeholders.

Tom Crotty adds, “The UK needs Shale gas and we know that INEOS has the skills to safely extract it from the ground without damaging the environment. We have committed to public consultation and to share 6% of the entire revenue from any of our Shale gas wells with the local community. Without Shale gas, UK manufacturing is starting to collapse so we need to kick start the Shale gas industry, not put it on hold”.

 

Media contacts:

Richard Longden (INEOS)  +41 21 627 7063 or  +41 7996 26123

Mark Killick (Media Zoo) 020 7384 6980 or 07836 634449

Andrew McLachlan (Media Zoo) 020 7384 6980 or 07931 377162

Hannah Brandstaetter (Media Zoo) 020 7384 6980 or 07896 776554