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UK's richest man in?1bn oil and chemicals investment

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Jim Ratcliffe is the founder and chairman of Ineos
Britain's richest man, Jim Ratcliffe, has announced
Ineos moved its headquarters to the Swiss city of Lausanne in 2010 to cut its corporation tax bill, but returned to the UK in 2016.
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Mr Ratcliffe said the investment programme would "ensure that our UK assets continue to be world-class for many years to come".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."The Forties pipeline project would "extend the life of the pipeline by at least 20 years, into the 2040s", the firm said. Ineos said it would overhaul the reliability of the pipelines, including modernising the environmental systems.At Grangemouth, it will develop a new steam and power plant, improving energy efficiency and long-term reliability, it said.The Hull plant will manufacture vinyl acetate monomer, a chemical compound used in making various industrial and consumer products including safety glass and laminated windscreens.Mr Ratcliffe, whose ?21bn fortune makes him the UK's richest man according to the Sunday Times rich list, has traditionally invested in speciality chemicals businesses, but began acquiring North Sea assets in 2015.
Hull
Ineos
Grangemouth
Companies
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