Twenty-year deal with London-based petrochemical firm looks to address 'structural energy issues in Europe'
The two companies signed a deal that could see INEOS receive gas from Sempra’s Infrastructure’s
Sempra Infrastructure is a subsidiary of Sempra, the San Diego Fortune 500 company whose other holdings include San Diego Gas & Electric. “Long-term supply from INEOS Energy will help alleviate the structural energy issues in Europe,” INEOS Energy chairmanEuropean markets have been squeezed by a sharp increase in natural gas prices in the past year, and the continent’s vulnerabilities have worsened since the Russian invasion of Ukraine. Russia’s state-owned natural gas company, Gazprom,Looking for alternatives to Russian gas, European suppliers have increasingly looked overseas.
The preliminary deal is contingent on Sempra’s Cameron and Port Arthur projects securing the necessary permits, financing, engineering and construction contracts needed to make final investment decisions at both locations.
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