Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Ratcliffe eyes up shale prospects

Ineos news
Ineos news

Billionaire Jim Ratcliffe is known for driving a hard bargain and running a tight ship.

The Manchester-born industrialist started his nascent chemicals business with the acquisition of a chemical business from BP in 1993. But it was the £6billion buyout of Innovene – the complex of Grangemouth in 2005, that cemented the company’s transformation into a major player.

His ownership of the plant has proved divisive with unions and policy makers. In 2010 Mr Ratcliffe moved the headquarters of Ineos to tax-efficient Rolle after the Labour government delcined to offer the recession-struck firm a tax deferral. In 2013 he threatened to close the plant in an acrimonious labour dispute. Eventually he persuaded workers to accept cost reductions and has since pledged to invest £450million in the future of the site, including the installation of Europe’s largest ethane storage tank.

Mr Ratcliffe also has ambitions to establish a controversial large-scale shale gas industry in the UK, having acquired fracking exploration licences across 700 square miles of central Scotland.

Both of the firm’s upstream shale and North Sea gas plays are part and parcel with the future of Grangemouth.

“When we compare ourselves today with how each asset was run on the day we acquired it, it is run more efficiently, run more safely and it is run cost effectively,” said Mr Ratcliffe. “So in our mind we are thinking ‘why oughtn’t we be able to do that in the oil and gas arena?”

In October Ineosbought 12 UK North Sea gas fields owned by German firm DEA, part of the LetterOne Group and which provides about 8% of the UK’s gas.

Russian billionaire Mikhail Fridman had been required to sell them by the UK Government amid fears of sanctions against Moscow over Russia’s role in the Ukraine.

A few days after Ineos struck a deal with Fairfield Energy to buy its 25% interest in the Clipper South field.

Recommended for you

More from Energy Voice

Latest Posts