Jim Ratcliffe chemical firms received up to 70m of UK state aid in last four years

"Chemical companies owned by the billionaire Jim Ratcliffe had already been granted as much as 70m in UK state aid in the past four years, before this week's 50m government bailout for its Grangemouth plant in Scotland. State aid to Ineos in the last year alone was between 16m and 38m, according to government disclosures published this week. Since August 2022 the company has received between 28m and 70m."

"The government stepped in on Tuesday to give Ineos 50m to support Grangemouth, fearing that without it the UK would lose its last plant making ethylene, an important material for making plastics. The government also backed a 75m loan guarantee, while Ineos will invest 30m of its own money. Ineos had already closed the next-door oil refinery in September 2024 with the cost of 400 jobs, in a huge blow to the community and a political problem for the government."

"Ratcliffe, who is worth $14.5bn (11bn) according to Bloomberg's billionaires index, asked the government for help in October. It comes at a time when the expansive group of Ineos companies, controlled by the 73-year-old, has been under financial pressure, in part because of the big increase in energy costs after Russia's full-scale invasion of Ukraine in 2022. Fitch Ratings downgraded Ineos's credit rating in September, in a sign of increasing concern over its ability to repay its debts."

Ineos-owned chemical companies received up to 70m in UK state aid over the past four years, with 16m-38m in the last year and 28m-70m since August 2022. The government provided 50m to support the Grangemouth ethylene plant and backed a 75m loan guarantee while Ineos will invest 30m. The nearby oil refinery closure in September 2024 cost 400 jobs. Owner Jim Ratcliffe, worth about $14.5bn, requested help in October as the group faced financial pressure from higher energy costs after Russia's 2022 invasion of Ukraine. Fitch downgraded Ineos's credit rating in September. Most previous aid took the form of tax breaks tied to voluntary energy and carbon dioxide emission reductions, and the tax breaks are reported as ranges rather than precise figures.

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