Sir Jim Ratcliffe, the billionaire Brexiteer chemicals tycoon behind Ineos, on Wednesday outlined plans to invest £1 billion in the UK.
Manufacturing giant Ineos, founded by 66-year-old Ratcliffe in 1998, will spend £500 million on the Forties Pipeline System, prolonging the life of the North Sea’s main oil and gas artery into the 2040s.
It wants to overhaul the reliability of the 500km pipeline system. The Forties Pipeline System opened in 1975.
The rest of the money will go towards creating a new energy plant in Grangemouth and a factory in Hull to create vinyl acetate monomer, used in adhesives, packaging and textiles.
Ratcliffe, in the spotlight after reports he plans to switch his home and fortune to tax exile in Monaco, said his firm supports British manufacturing.
He added: “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.”
