Grangemouth applies for government guarantee to convert to US shale.

FT: “Ineos, a privately owned chemicals group, has asked for an infrastructure loan guarantee from the UK government to convert its Grangemouth plant in Scotland to run on cheap US shale gas.”
“Ineos said the future of Grangemouth is threatened by the decline of North Sea gas, its main raw material, and it is currently working on a £350m plan that would allow the plant to use shale gas from the US instead.
It has warned that unless the scheme goes ahead, Grangemouth will have to close in 2017, and possibly earlier.
In a statement, the company said it had submitted an application for a €150m infrastructure loan guarantee from the government. Ineos said it would fund the remaining £200m itself.”