Ineos, owned by multi-billionaire Si Jim Ratcliffe, said that it will invest £500m in the Forties Pipeline System (FPS_ over the coming years, to prolong the life of the North Sea’s main oil and gas artery into the 2040s. The FPS, acquired by Ineos in 2017, transports 40% of the UK’s oil & gas to the mainland for refining.
Ineos will also invest £350m at Grangemouth in a new energy plant and £150m in Hull to build a 300,000 tonne per year vinyl acetate monomer (VAM) plant. VAM is a component in a range of products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.
Sir Jim Ratcliffe has attracted substantial press comment for first backing Brexit and then moving to Monaco as a tax exile in its wake. He said that his investment plans proved that he was not deserting the UK completely.
“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,” he said.