MOSCOW (MRC) -- INEOS has broadened its portfolio of upstream assets with an agreement to purchase stakes in two Denmark oilfield assets from Spirit Energy, said the company.
The divestment is through a sale of Spirit’s two companies with licenses in Denmark. The two companies jointly own 40% in the Hejre discovery and 27.7% in the Solsort discovery.
The transaction is subject to approval from the relevant authorities and is expected to close later this year.
Dag Omre, Executive Vice President of Spirit Energy Norway & Denmark, said: "In line with our strategy of managing our portfolio, we evaluated these opportunities and concluded that they are no longer core to Spirit Energy.
"We look forward to working closely with INEOS in the coming months to conclude the transaction, as well as focusing on our portfolio of assets, developments and exploration opportunities across North-West Europe."
As MRC informed before, the restart of the ACN plant of INEOS Nitriles in Seal Sands, UK with the capacity of 280,000 mt/year from the planned maintenance, which began on 27 July 2019, was delayed in late September for a second time because of technical issues. The plant was initially expected to restart at the end of August.
ACN is a feedstock for the production of acrylonitrile-butadiene-styrene (ABS).
According to MRC's DataScopr report, overall ABS imports to the Russian market decreased in 2019 by 4% year on year to 33,700 tonnes.
Spirit Energy was created in 2017 following the combination of Centrica’s Exploration & Production business and Bayerngas Norge AS. The business is 69%-owned by Centrica plc, with the remaining 31% owned by Bayerngas Norge’s former shareholders, led by Stadtwerke Munchen and Bayerngas GmbH.
INEOS is a leading manufacturer of petrochemicals, specialty chemicals and oil products. It has 34 businesses, with a production network spanning 171 manufacturing facilities in 24 countries. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. INEOS had sales in 2018 of around $60bn and EBITDA close to €6bn. Its products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world.
MRC