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”.

About INEOS

INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its production network spans 51 manufacturing facilities in 11 countries throughout the world.

See the Environmental Audit Committee’s proposal