Chemicals giant Ineos has bought 12 North Sea gas fields.
Russian Oligarch Mikhail Fridman had initially bought the fields but was forced to sell them by the British Government when it ruled it was not in the UK's interests to have them at risk of sanctions against Russians.
Ineos moved in to purchase its first oil and gas asset, which is now subject to competition clearance from the European Commission, and it is understood the company is planning to expand further into the industry.
The fields, which are positioned off the east coast of Scotland and the north east of England, provide up to 8% of the UK's gas, enough to warm one in 10 British homes.
Ineos operates Scotland's largest manufacturing complex at Grangemouth, which is the only refining and petrochemicals complex directly attached to the North Sea.
Ineos chairman Jim Ratcliffe said: "We are pleased to acquire a strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team.
"Ineos has been very open about its intention to make strategic investments in the North Sea and this acquisition is our first step in fulfilling this goal. It will also help our UK petrochemical assets to have ongoing access to competitive energy.
"The acquisition of these North Sea gas fields is a great entry point for the Ineos Upstream business. They are high quality, low risk assets and they come with a highly experienced management team.
Whilst no decisions have yet been made, we will continue to evaluate other opportunities in the North Sea."
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