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Ineos: Dong acquisition creates an entirely new business

A new, powerful actor has marked its debut in the Northern European oil and gas market. Swiss Ineos will invest heavily in oil, gas, and shipping in the North Sea.

Photo: DONG

Speculation about the prospect of a new Danish oil and gas giant built from Dong and Maersk Oil's merged activities have now gone up in smoke. Instead, Danes must resign themselves to the fact that a large share of the country's oil and gas will now be extracted from the underground by a Swiss firm.

Wednesday morning CET, Danish energy major Dong Energy announced that it has decided to sell its oil and gas division to Swiss chemical group Ineos, which works within chemicals and plastic. The privately-owned firm pulls in more than USD 40 billion in revenue and manufactures in 67 different countries.

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