logo-loader
viewProactive Group

Britain's richest man to spend £1bn on North Sea infrastructure and new plants

Ineos will upgrade the Forties pipeline and Grangemouth refinery

1551258237_15740530049_fbf60740a4_o.jpg
Forites can transport 600,000 barrels per day

Ineos, the vehicle of Jim Ratcliffe, the UK’s richest man, is to invest £1bn overhauling the North Sea’s oil and gas infrastructure.

The Forties pipeline system, through which 40% of the UK's North Sea oil and gas is transported, will get a £500mln upgrade while the Grangemouth oil refinery will get a £350mln energy plant.

Ineos will also build a new chemical plant in Hull to produce a key ingredient of safety glass and laminated windscreens.

The company acquired the 310 miles of Forties pipeline from BP in October 2017. It has a maximum capacity of 600,000 barrels per day.

Earlier this year it was reported that Ratcliffe, a keen Brexit supporter, is working on plans to switch residence to Monaco to reduce his tax bill.

“Ineos is a supporter of British manufacturing and this £1bn investment underlines our confidence in our business in the UK,” he said today.

“These investments will ensure that our UK assets continue to be world-class for many years to come.”

Ratcliffe owns 60% of Ineos, with Andy Currie and John Reece owning 20% each.

Ineos made an underlying profit of €2.29bn in 2018.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Deltic Energy's Selene prospect 'even more attractive than first...

Deltic Energy PLC's (LON:DELT) Graham Swindells caught up with Proactive London's Andrew Scott after announcing a material upgrade to gas estimates for the Selene prospect which is part of its North Sea exploration portfolio alongside Royal Dutch Shell PLC (LON:RDSB). The estimated chance of...

11 hours, 17 minutes ago

2 min read