Ineos to invest USD1b in UK's shale gas industry

(MENAFN) Swiss-based petrochemical firm Ineos announced plans to become the biggest player in Britain's fracking sector with a USD1 billion investment in the nation's shale gas industry, The Peninsula Qatar reported.

Ineos has launched plans to invest USD1 billion in UK shale gas exploration and appraisal, however, the move sparked anger from environmentalists over the controversial energy extraction method.

"If Ineos wins all the Shale gas licences it has applied for, it will be the biggest player in the UK shale gas industry," the company said, while Chairman added "I want Ineos to be the biggest player in the UK shale gas industry."

Campaigners argue the controversial process, known as fracking, or hydraulic fracturing technology, causes water pollution and earth tremors, but energy groups say it drives down gas prices and boosts economic growth.