28 August 2007
INEOS ENTERPRISES CONCLUDES AGREEMENT WITH GAZ
DE FRANCE TO DEVELOP STUBLACH GAS STORAGE FACILITY
INEOS Enterprises has today announced that
it has signed an agreement with Gaz de France for the commercial
development of the Stublach Gas Storage Facility in Cheshire.
The value of the agreement is not disclosed.
Under the agreement, Gaz de France will assume
responsibility from INEOS Enterprises for the development of
the Stublach Gas Storage Facility. INEOS Enterprises will provide
solution mining services for the creation of the cavities. Gaz
de France will also operate the facility upon completion.
Gaz de France is a major player in both the UK and European
energy markets and is involved in the production, transportation,
distribution, trading and marketing of gas, electricity and
related services for its customers. Gaz de France has more than
50 years experience in natural gas storage and transportation
and has an excellent safety record. The company currently operates
12 sites in France, storing 9.5 billion cubic metres of gas,
as well as some facilities in Germany and Eastern Europe. Gaz
de France is a key supplier to British industry. This agreement
will play a significant part in Gaz de France's growth strategy
for the UK.
INEOS Enterprises secured planning and hazardous substances
consent for the Stublach Gas Storage Facility in 2006. The project
will consist of up to 28 cavities that will be solution mined
for gas storage at INEOS Enterprises' existing brinefields at
Holford, Cheshire, along with a gas compression station and
associated infrastructure that will connect the facility to
the National Transmission System. The facility is designed to
store a maximum working gas volume of approximately 200 million
therms of natural gas and have a deliverability of 12 million
therms/day.
Dr Harry Deans, CEO INEOS Enterprises comments:
"We are pleased that we have been able to reach this agreement
with Gaz de France. This alliance plays to the key strengths
of Gaz de France and INEOS Enterprises and will secure delivery
of this much needed and strategically important storage facility.
The facility will make a significant contribution to the long-term
security of gas supplies in the UK and to the future of INEOS
Enterprises through the associated brine winning activities."
INEOS Enterprises will continue to be closely involved in the
forward development of the Stublach Gas Storage Facility through
the provision of specialist skills and expertise in the solution
mining of the new gas cavities, with the brine extracted used
by INEOS Enterprises for onward supply to the local chemicals
industry.
Pierre Clavel, Senior Vice President, International, Gaz de
France, comments: "This acquisition gives Gaz de France
the opportunity to extend its international storage portfolio
by applying its 50 years of experience and expertise in the
different storage technologies. This agreement also reflects
Gaz de France's significant role in the UK. This new facility
will be able to provide up to 12 per cent of the UK's average
daily consumption and therefore enhance the security of supply
to the UK market."
The first phase of the Stublach Gas Storage Facility remains
on track to commence cavity development in 2009.
ENDS
Notes to Editors
1. INEOS is a leading global manufacturer
of petrochemicals, specialty chemicals and oil products. It
comprises 18 businesses each with a major chemical company heritage.
The INEOS production network spans 68 manufacturing facilities
in 17 countries throughout the world. INEOS employs more than
$36bn in revenues and has more than 15,000 employees. This makes
INEOS the third largest independent chemicals company in the
world and the largest in the UK, as well as the country's largest
private company.
2. INEOS Enterprises is a portfolio of eight leading businesses
manufacturing chemical products in Northern Europe and Southeast
Asia, with sales of these products to customers around the world.
The Company is focused on the developing needs of customers
and rapid growth through investment in new products and manufacturing
facilities or by acquisition. INEOS Enterprises employs some
500 people across sites in the UK, France, Germany and Thailand
and has an annual turnover in excess of €600 million.
3. The Gaz de France group is a major player in the European
energy market. Ranked first for the distribution of natural
gas in Europe, Gaz de France employs close to 50,000 people
and in 2006 generated €28 billion in sales. The group boasts
a portfolio of around 14 million customers, 11.1 million of
whom are based in France. Listed on the Paris Bourse, Gaz de
France is part of the CAC40 and the Dow Jones Stoxx 600.
For further information please contact:
Craig Welsh, INEOS Enterprises Press
Office
Telephone + 44 (0) 1928 511528
Email: craig.welsh@ineoschlor.com
or
Jérome Chambin, Gaz de France
Press Office
Telephone: 331 47 54 24 35
Email: jerome.chambin@gazdefrance.com
