(Corrects headline to show stocks pares losses, not gains)
By Toni Vorobyova
LONDON, March 20 Engineer Weir Group
pared earlier losses after British finance minister George
Osborne said in his budget statement to parliament on Wednesday
that the UK government would to promote early shale gas
Shares in Weir, which makes pumps used in extracting shale
gas, were trading down 0.4 percent at 2,316 pence by 1314 GMT,
recovering from a session low of 2,274 pence.
"I am introducing a generous new tax regime, including a
shale gas field allowance, to promote early investment. And by
the summer, new planning guidance will be available alongside
specific proposals to allow local communities to benefit,"
"Shale gas is part of the future. And we will make it
(Reporting by Tricia Wright and David Brett; Editing by Toni