Jim Ratcliffe, CEO of INEOS, now a billionaire

Corporate News Statement from Richard Longden (INEOS), July 3, 2018

INEOS commits to building a new world scale chemical cracker and PDH plant in North West Europe. The €2.7 billion is the biggest capital investment ever made by INEOS.

This is the first cracker to be built in Europe in over 20 years. Jim Ratcliffe, Founder and Chairman of INEOS says, “This is the largest investment to be made in the European chemical sector for a generation. It will be a game changer for the industry and shows our commitment to manufacturing.”

Today INEOS has approved a €2.7 billion capital project to build both a world scale ethane cracker and a PDH (Propane Dehydrogenation) unit in Northern Europe. Both units will benefit from US shale gas economics.

This will be the first new cracker built in Europe for two decades. It will also be one of the most efficient and environmentally friendly plants of its type in the world.

The location of the site will be determined soon and it is likely to be on the coast of North West Europe. A project team has been assigned to consider options and the project is expected to be completed within four years.

Gerd Franken, Chairman INEOS Olefins and Polymers North says, “This new project will increase INEOS self-sufficiency in all key olefin products and give further support to our derivatives business and polymer plants in Europe. All our assets will benefit from our ability to import competitive raw materials from the USA and the rest of the world”

This new investment follows a decision taken by INEOS last year to increase the capacity of its existing crackers.

Jim Ratcliffe adds, “INEOS is going from strength to strength. This new investment builds on the huge investment we made in bringing US shale gas to Europe and will ensure the long-term future of our European chemical plants.”

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NOTE: The name INEOS is derived from INspec Ethylene Oxide Specialities, a previous name of the business. It also stems from one Latin and two Greek words that founder Jim Ratcliffe and his two sons found when searching for a company name. “Ineo” is Latin for a new beginning, “Eos” is the Greek goddess of dawn and “neos” means something new and innovative. As a result, the name Ineos represents the “dawn of something new and innovative”. Jim Ratcliffe, 65, chief executive of Ineos, in May 2018 topped the Sunday Times Rich List with a fortune of £21.05 billion, making him the UK’s wealthiest person.

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See also: Following Spills and Sinkholes, Mariner East Pipeline Opponents Call on PA Governor Wolf to Stop Construction, Sharon Kelly, DeSmog Blog, June 11, 2018