Sir Jim Ratcliffe’s INEOS Group is riding to Europe’s rescue with its deal to import liquefied natural gas (LNG) from North America.
The chemicals giant has inked an agreement with Sempra Infrastructure to import up to 1.4mln tonnes a year for 20 years, thus alleviating some of Europe’s concerns over gas supplies as the war in Ukraine rumbles on.
The deal will further raise the profile of Ratcliffe, who after years of flying under the radar was acknowledged as Britain’s richest man in 2018, while in 2022 he hit the headlines with his interest in buying Chelsea Football Club, despite being a lifelong Manchester United fan.
Born in Failsworth in Greater Manchester in 1952, Ratcliffe is also rumoured to be interested in buying Manchester United, although those rumours might have been started by exasperated Manchester United fans.
He does have some form when it comes to buying footie clubs as he owns Swiss club FC Lausanne Sport and French club OGC Nice.
When he is not contemplating buying premiership football clubs, he apparently enjoys yachting, skiing, off-road motorbiking, watersports and cycling (although probably not all at once).
He cut his teeth working for textiles firm Courtaulds and US oil giant Exxon before leading a buyout by private equity firm Inspec of British Petroleum’s (BP) chemicals arm in 1992.
As is often the way with private equity buyouts, the deal was financed by huge amounts of debt.
In 1998, he formed INEOS – Inspec Ethylene Oxide and Specialities – and set about acquiring unwanted bits of BP and Imperial Chemical Industries (ICI).
In 2006, INEOS bought BP's refining and petrochemical arm Innovene.
A keen supporter of Brexit, it was announced in 2018 that Ratcliffe and two other INEOS executives were planning to move to Switzerland.
Last year, his personal wealth was estimated by the Sunday Times to be around £6.33bn.
Not bad for a lad brought up in a council house near Manchester.