Warning on Shell megadeal
JOHN DAGGE: HERALD SUN: MELBOURNE: JUNE 24, 2015
ONE of Australia’s biggest plastic makers has added its voice to concerns about Shell’s planned takeover of BG Group, saying further consolidation in the gas industry will likely harm manufacturers.
Melbourne-based Qenos has also attacked Victoria’s ban on onshore oil and gas drilling, saying the restriction put at risk a new wave of major investment in the nation’s petrochemical and plastics industry.
Chief executive Jonathan Clancy told BusinessDaily Royal Dutch Shell’s $91 billion push to swallow British rival BG ran the risk of increasing consolidation among gas producers at a time when manufacturers needed more suppliers.
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