Grangemouth Would “Still Be Open If It Had Access To Cheap Shale Gas”
The Grangemouth petrochemical plant would most likely still be open if it had access to cheap shale gas according to an oil and gas services investment firm.
The plant owner INEOS announced the closure yesterday, after it failed to drum up enough support from workers for its ‘survival plan’ which froze pay and made changes to their pensions.
Glynn Williams, Partner at Epi-V said: “The need for shale gas in the UK could not be made more acute – Grangemouth petrochemical plant, set for administration today at the cost of 800 jobs and the nation’s energy security, would most likely still be open if it had access to cheap shale gas.”
He said France’s recent ban on fracking meant firms from across the channel were ramping up plans to sign ‘farm-in’ agreements in the UK: “French energy giants know that for shale gas fracking, the UK has the advantage of a ready-made skills base from North Sea oil and gas to progress environmentally safe exploration techniques, which in turn will yield the energy security the UK government is promoting from shale while boosting jobs and prosperity.”