Ineos buys 12 North Sea gas fields for £490m

The fields, bought by the chemicals group from a Russian billionaire, provide 8% of the UK's gas

Chemicals group Ineos has bought 12 North Sea gas fields in a $750m (490m) deal that comes as the British oil and gas industry fights a severe downturn.

Ineos, which owns the Grangemouth refinery in Scotland, has bought the fields from a company set up by Russian billionaire Mikhail Fridman. The British government forced Fridman's L1 Energy business to sell the assets when it ruled it was not in the UK's interests to have them at risk of international sanctions against Russian companies and individuals.