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Ineos billionaire Jim Ratcliffe in $2bn Saudi investment | |
(about 5 hours later) | |
UK energy firm Ineos is to invest $2bn (£1.6bn) in building its first ever manufacturing plants in Saudi Arabia. | |
It follows an agreement with the Kingdom's state oil company Saudi Aramco and French energy firm Total. | |
Ineos said the facilities would produce chemicals for sectors such as automotive, aerospace and electronics. | Ineos said the facilities would produce chemicals for sectors such as automotive, aerospace and electronics. |
Chairman Sir Jim Ratcliffe, who is Britain's third richest man, called it "a major milestone that marks our first investment in the Middle East". | |
"We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom." | "We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom." |
Under the deal, Ineos will develop three chemical plants at Jubail 2, a $5bn petrochemicals complex run by Saudi Aramco and Total. | |
It said the plants, which will begin production in 2025, would give it better access to markets in the Middle East and Asia. | |
It follows its recent investments by the company in Belgium, China and the US. | |
Ineos has also been holding exploratory fracking tests in Britain, but recently complained that tough regulations were making it unviable for firms. | Ineos has also been holding exploratory fracking tests in Britain, but recently complained that tough regulations were making it unviable for firms. |
Sir Jim argued ministers had given in to a "vocal" minority of environmental campaigners, despite fracking being "extremely safe and well proven". | Sir Jim argued ministers had given in to a "vocal" minority of environmental campaigners, despite fracking being "extremely safe and well proven". |
In May, the pro-Brexit businessman also rejected reports about him allegedly leaving the UK to live in Monaco for tax purposes. | In May, the pro-Brexit businessman also rejected reports about him allegedly leaving the UK to live in Monaco for tax purposes. |
The billionaire said Ineos had invested £2.5bn in the UK over the last 20 years, and that he had "never made a penny of profit in the UK". | The billionaire said Ineos had invested £2.5bn in the UK over the last 20 years, and that he had "never made a penny of profit in the UK". |
"I have made lots of money in the US, Germany and Belgium, but am I supposed to go and live there? It's my private affair," he told the BBC. | "I have made lots of money in the US, Germany and Belgium, but am I supposed to go and live there? It's my private affair," he told the BBC. |