Home Business NewsBusinessBusiness Growth News Jim Ratcliffe invests £1bn into oil and chemicals

Jim Ratcliffe invests £1bn into oil and chemicals

by LLB Reporter
27th Feb 19 12:41 pm

Britain’s richest man, Jim Ratcliffe is to place £1bn worth of investments into the UK’s chemical and oil industries, with £500m to overhaul the Forties pipeline system.

Ineos which is Ratcliffe’s company will also build an energy plant in Grangemouth oil refinery site costing £350m, which he already owns, and a chemical plant in Hull costing £150m.

Ratcliffe is outspoken supporter of Brexit, it is thought through media reports he is to become a tax exile in Monaco, while two of his executives are thought to save £4bn in tax by leaving the UK.

Ratcliffe said the investment programme will “ensure that our UK assets continue to be world-class for many years to come.”

Adding, “At an uncertain moment for the country, Ineos has confidence in its businesses and is committed to continue investing in manufacturing and high-skilled jobs in the UK.”

The Forties pipeline transports 40% of North Sea oil and gas to the UK, and the pipeline project will “extend the life of the pipeline by at least 20 years, into the 2040s” the company said.

Ratcliffe has a fortune of £21bn according to the Sunday Times rich list.

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