Ineos

Last updated

INEOS Group Limited
Company type Private limited company
Industry Chemicals
Founded1998
Founder Sir Jim Ratcliffe
HeadquartersLondon, England
Key people
Products Chemical substances, petrochemicals, plastics
Revenue20,927,000,000 Euro (2022)  OOjs UI icon edit-ltr-progressive.svg
2,001,300,000 Euro (2022)  OOjs UI icon edit-ltr-progressive.svg
2,000,600,000 Euro (2022)  OOjs UI icon edit-ltr-progressive.svg
Total assets 17,081,400,000 Euro (2021)  OOjs UI icon edit-ltr-progressive.svg
Number of employees
26,000 (2021) [1]
Website www.ineos.com

Ineos Group Limited is a British multinational conglomerate headquartered and registered in London. As of 2021, it is the fourth largest chemical company in the world, with additional operations in fuel, packaging and food, construction, automotive, pharmaceuticals, textiles, and professional sports. [2] [3] Ineos is organised into about 20 standalone business units, each with its own board and operating almost entirely independently, although founder Jim Ratcliffe, who owns a controlling interest, and his associates, who collectively own a minority share, sit on their boards occasionally. [4] [5]

Contents

Name

Ineos is derived from INspec Ethylene Oxide and Specialities, a previous name of the business. [6] It also incorporates one Latin and two Greek words. "Ineo" is Latin for a new beginning, "Eos" is the Greek goddess of dawn, and "neos" is Greek for something new and innovative. As well as being an acronym, Ineos states its name represents the "dawn of something new and innovative". [6]

History

Part of the Grangemouth petrochemical plant in Scotland; the site has been an oil refinery since 1924. Petrochemical plant - geograph.org.uk - 479373.jpg
Part of the Grangemouth petrochemical plant in Scotland; the site has been an oil refinery since 1924.
Part of the Ineos facility in Wilhelmshaven, Germany 2012-05-28 Fotoflug Cuxhaven Wilhelmshaven DSC 3890.jpg
Part of the Ineos facility in Wilhelmshaven, Germany

In 1992, Inspec was formed by Jim Ratcliffe, previously a director of the U.S. private equity group Advent International, and by John Hollowood, for the purpose of executing a management buy-in of British Petroleum's (BP) chemicals arm. [7] [8]

First acquisitions

In 1995, Inspec bought BP's ethylene oxide, and glycol, businesses for £78 million, to become Inspec Ethylene Oxide Specialities. [9]

In 1998, Ratcliffe, then a director of Inspec, established Ineos for the purpose of purchasing Inspec's ethylene oxide facility in Antwerp, Belgium. [10] [11] The £84 million purchase was funded by three entities: the Scottish investment house Murray Johnstone (£10 million), Ineos management (£1.5 million), and the investment bank BT Alex Brown (£72.5 million, raised through junk bonds). [9] [10] [12] [13]

The company grew quickly through the acquisition of commodity chemical businesses from corporate giants such as BP, ICI and BASF.

Many subsidiaries acquired

There have been three distinct phases of Ineos's growth. [14] The first phase spanned over ten years, with Ineos acquiring 22 companies between 1998 and 2008. The two most notable of these were Innovene, the olefins and derivatives and refining subsidiary of BP, in October 2005 for $9 billion, [15] and ICI's commodity chemicals business in 2001.

The second phase between 2008 and 2010 saw a period of consolidation as the company tackled the impact of the global recession. As production of consumer goods, cars, and construction fell during this period, the company saw sales and earnings fall. During this period a major competitor LyondellBasell filed for bankruptcy. [16] Some predicted a similar fate for Ineos but the company emerged from this period intact.

The third phase commenced in 2011. In this phase the company has continued to grow through a series of strategic joint ventures.

In June 2011, the largest of these, Petroineos, was completed. It is a 50:50 joint venture between Ineos and PetroChina. It combines Ineos's refining interests at Grangemouth, Scotland, and at Lavéra near Martigues, France (about 30 miles west of Marseille), with PetroChina's access to upstream raw materials. [17]

In June 2011, Ineos and BASF combined their styrene businesses to form another 50:50 partnership, Styrolution. [18]

Ineos's growth has continued through this period, expanding production in the US and China. Most recently Ineos announced a joint venture with Solvay bringing together their European polyvinyl chloride businesses. [19]

In October 2005 Ineos agreed to purchase Innovene, BP's olefins and derivatives and refining subsidiary, which had an estimated 2005 turnover of US$25 billion, for $9 billion. [15] The deal, which was completed on 14 December 2005, roughly quadrupled Ineos's turnover, which was previously around $8 billion.

In 2007 Ineos formed a joint venture with Lanxess and created Ineos ABS, comprising Lanxess's activities in acrylonitrile butadiene styrene production, located in Tarragona. Ineos paid €35 million in a first tranche. [20] In March 2010 Ineos Healthcare terminated its drug development programme for commercial reasons.

Establishment of a biorefinery

Ineos Bio broke ground on the Vero Beach demonstration plant in February 2011. The facility used a gasification fermentation process to convert cellulosic waste materials, such as yard and vegetative waste, into ethanol. In addition to having the capacity to produce 8 million gallons of ethanol, the plant could also produce up to 6 MW of electricity. Texas-based Frankens Energy purchased the former Ineos Bio Indian River Biorefinery in Vero Beach, Florida in 2018. [21]

Closure of a plant over union demands

On 23 October 2013 Ineos announced the closure of its petrochemical plant in Grangemouth, Scotland, [22] following a dispute with the Unite trade union over pensions and an attempt to impose a wage freeze and new contract on the workforce. However, by 25 October 2013 the union capitulated to the closure threats and agreed to all Ineos's demands meaning the plant would stay open and strike-free for three years. [23] In September 2016 the company completed a new headquarters building at Grangemouth as part of a "site rejuvenation plan". [24]

Purchase of Forties pipeline system

In April 2017, Ineos reached an agreement to buy the Forties pipeline system in the North Sea from BP for $250 million. The sale included termini at Dalmeny and Kinneil, a site in Aberdeen, and the Forties Unity Platform. [25] Towards the start of 2019, in the wake of British MPs rejecting Theresa May's Brexit Deal, the company chose to fund a €3bn investment (£2.6bn) in petrochemical production in Antwerp, Belgium. [26]

COVID-19 pandemic

In April 2020, during the COVID-19 pandemic, hand sanitiser was in short supply due to high demand. Ineos set up new plants to produce it using key ingredients the company had used to manufacture polymers, and provided it free to hospitals. Ineos have the capacity of producing a million bottles of hand sanitiser a month. [27] [28] [29]

In June 2020, Ineos signed an intent to acquire the petrochemicals unit of BP for $5 billion. The business is focused on aromatics and acetyls. It has interests in 14 plants in Asia, Europe and the U.S., and achieved production of 9.7 million metric tons 2019. The deal is expected to close prior to the end of 2020. [30]

In September 2020, Ineos inked a 10-year deal to acquire offshore wind power from Engie's Northern wind farm. Terms of the deal were not disclosed. [31]

In January 2021, it was announced that Ineos was to donate £100 million to Oxford University for a new research institute for tackling antibiotic resistance. [32] [33] [34]

INEOS announced the acquisition of the LyondellBassells Ethylene Oxide business. [35]

Markets

Ineos provides products for many markets including: Fuels and Lubricants (23.3%), Packaging and Food (18.5%) and Construction (16.1%). Other markets include Automotive & Transport, White Goods & Durables, Pharmaceutical & Agrochemical and Textiles. [36] The majority of Ineos's geographic earnings are distributed across Germany (16.8%), USA (16.1%), UK (12.3%), France (11.6%) and Benelux (10.8%). [36]

Ineos is involved in renewable energy and is one of the world's leading pioneers in the development of generating sustainable energy from waste material. [37]

Ineos reportedly runs operations with minimal head office management, feeling that "work teams" are better suited for handling of the workflow day to day, without middle-management. [38]

In November 2014, Ineos announced plans to invest up to £640m in shale gas exploration in the UK. The company planned to use the gas as a raw material for its chemicals plants, including Grangemouth near Falkirk. [39] Ineos CEO, Jim Ratcliffe, has criticized restrictions on fracking in the UK. [40]

Ineos announced in July 2021 it was investing £25m in HydrogenOne Capital Growth, a fund that was aiming to raise £250m and float on the London Stock Exchange. HydrogenOne would invest in 'green hydrogen', made from renewable energy, and 'blue hydrogen' that is extracted from fossil fuel gas. [41]

Joint ventures

Petroineos

Petroineos is a refining and trading joint venture between Ineos and PetroChina formed in 2011. It is Europe's leading independent crude oil refiner, with a turnover of $15 billion. It has two refineries, one in Lavéra (part of Martigues), France, and one in Grangemouth, Scotland. [42] The value of the Grangemouth chemicals plant, which Ineos had once valued at 400 million pounds was written down to nothing by them in October 2013 during conflict with the union. Later that month it was reported that PetroChina was unhappy with the return on the billion dollars cash they had paid for a 50% stake in the Grangemouth and Lavera refineries. According to a Hong Kong business analyst: "The European refineries are pretty much loss making. In future there won't be any similar investments". [43]

In May 2020 Petroineos sought a £500 million bailout from the UK government for its Grangemouth refinery, due to declining oil sales. But environmental groups wrote to the Scottish first minister and the UK's prime minister, urging them to reject the appeal. The request came a year after Sir Jim Ratcliffe, who is said to be the UK's third-wealthiest person, relocated to Monaco, apparently for tax reasons. [44] [45]

In November 2023, Petroineos revealed plans to begin the work necessary to convert its operations at Scotland's only oil refinery, Grangemouth, into a business that imports finished fuel products, by 2025. No formal decision on the date of the transition to refinery to import terminal has been taken by the company, but it is reported that the announcement was attributed to the challenges faced due to global market pressures and the shift in demand for the types of fuels produced at Grangemouth. [46]

Other ventures

As of 2014, PQ Corporation is a joint venture between Ineos (31%), CCMP (58%), and PQ management (11%). PQ is a global producer of inorganic chemicals, catalysts, and engineered glass products. [47]

As of 2013, Solvay and Ineos were to create a 50:50 joint venture, which will see them combine their chlorvinyls sites in Europe. This joint venture will become the world's third-largest producer of PVC. [19]

INEOS acquired a company called Texas City Operations, on December 1[ year needed ]from its competitor, Eastman Chemical Company. This includes a 600kt acetic acid plant and all associated third party activities. [48]

Ineos Automotive

Ineos Grenadier 2021 Ineos Grenadier 3.0 Front.jpg
Ineos Grenadier

Ineos Automotive Ltd. was formed in 2017 to develop and manufacture an off-road utility vehicle, intended as a "spiritual successor" to the Land Rover Defender, under the codename Projekt Grenadier. [49] In September 2019, it was initially announced that vehicle, now officially named Ineos Grenadier, would be manufactured in two new factories in Estarreja, Portugal (chassis and body) and Bridgend, South Wales (final assembly), with powertrains supplied by BMW. The launch was planned for 2022. [50] [51] In December 2020 Ineos announced the final assembly would take place in Hambach, France, instead of South Wales. [52] The announcement was condemned by Welsh Labour MP Chris Elmore, who contrasted the decision to relocate production to the European Union with Ratcliffe's support for Brexit. [53]

Products

Ineos manufactures and distributes a wide range of petrochemicals, speciality chemicals and oil products: [36]

BusinessProducts
Ammonia/nitric acid * Ammonia and nitric acid
Baleycourt *Esters, biodiesel, and chlorinated paraffins
Chlorotoluenes *Benzyl alcohol, benzyl chloride, benzaldehyde, benzoyl chloride, benzotrichloride, dibenzyloxide, ortho-chlorobenzyl chloride and ortho-chlorobenzaldehyde
Compounds * PVC compounds
Ethanol * Ethanol
Inovyn Brine, caustic soda, chlorinated solvents, chlorine derivatives, chlorine, EDC, ethylene, propylene, PVC, Recycled PVC and VCM
Melamines * Formaldehyde and melamine formaldehyde resin
Nitriles Acetonitrile, acrylonitrile, ammonium sulfate, hydrogen cyanide and maleic anhydride catalyst
Olefins and Polymers Europe Benzene, butadiene, ethylene, HDPE, LDPE compounds, LDPE, LLDPE, polymerisation Ziegler catalysts, polypropylene, propylene and toluene
Olefins and Polymers USA Butadiene, butane, crude benzene, ethane/propane mix, ethylene, fuel oil, HDPE, mixed butenes, other bottoms liquids, polypropylene, propane, and propylene
Oligomers DIB, the dimer of isobutylene (isoolefins/isoparafins), IA (isoamylene/TAME), linear alpha olefins, poly alpha olefins, polyisobutene, Technikum (cyclopentane, CP70, methylpropadiene)
Oxide Acetate, acetate esters, alkoxilates, alkoxylates, ENB & glycol ethers, EOAs, ethyl acetate, ethylene glycol, ethylene oxide, glycol ethers, oxo alcohols, propylene glycol, and propylene oxide
Paraform * Cyanates, dimethoxymethane, formaldehyde, hexamethylenetetramine, paraformaldehyde, and triallylcyanurate
Phenol Acetone, alpha-methylstyrene (AMS), cumene and phenol
Salt *Granular salt, pure dried vacuum salt, salt tablets, and undried vacuum salt
Solvents * Diisopropyl ether, ethanol, isopropyl alcohol, methyl ethyl ketone, and s-butyl alcohol
Sulphur Chemicals *Sulfur dioxide, sulfur trioxide, sulfuric acid, and ultra pure acid
StyrolutionABS, AMSAN, ASA Resin, compounded grades, ethylbenzene, general purpose polystyrene, high impact polystyrene, NAS, polyethylbenzene, polystyrene polymers – HIPS, SAN, SBC (StyroFlex), specialty compounding, styrene, and styrene monomer
Trading and ShippingTrades and supplies petrochemical feedstocks, hydrocarbons, energy and carbon credits for both internal and external customers
Technologies *Licenses world class petrochemical technology for: polyethylene, polystyrene, vinyls, polypropylene, acrylonitrile, chlor-alkali
Upstream ShaleNatural gas, exploration and production of natural gas from on-shore shale deposits. Produces UK gas on the national grid.
Upstream BreaghSupplies natural gas to one in ten UK households.

* Ineos Enterprises consists of the following sub-businesses: ammonia/nitric acid, Baleycourt, chlorotoluenes, compounds, ethanol, melamines, paraform, salt, solvents and sulphur chemicals.

Industrial relations controversy

2008

In April 2008 Ineos, which was experiencing adverse economic conditions, was at the centre of an industrial relations dispute with Unite over pension entitlements of the workforce at its Grangemouth Refinery, when the company decided to close the final salary pension scheme to new employees. Unite claimed the Grangemouth workers were paid £6,000 less than those at comparable facilities. [54] The 48-hour strike that followed caused panic buying of petrol throughout the country and the Forties production pipeline, a third of Britain's North Sea oil production, being closed. [55] Ineos has been accused by some of buying assets then cutting costs through the introduction of new working practices, lower wages, and terminating pension schemes. [54] According to Ratcliffe, some 65 per cent of salary costs at Grangemouth related to pensions. [56] [57]

2013

Stephen Deans, convener for Unite union at the Grangemouth plant where he worked, and also head of the Falkirk branch of the Labour party, was suspended from his employment at Grangemouth by Ineos in the summer of 2013, while they investigated what they said were accusations he had been using company resources for political campaigning; related to recruitment of Unite members in Ineos workforce to the local Labour branch, where the selection of a new parliamentary candidate was taking place after the de-selection of Eric Joyce. A Labour Party head office investigation into allegations that people had been made new members without them knowing or signing cleared Deans of the accusations, who had been suspended from the Labour party pending the investigation as well as the Unite candidate he was supporting. [55] [58] [59] [60] [61]

Unite said Deans was being subjected to "sinister" treatment, and in October an overtime ban at Grangemouth plant, which according to Ineos had operated at a loss of £150 million per year for the previous four years, started in protest. [55] [60] [61] [62] A 48-hour strike was set for 20 October. Ineos announced the plant would be shut down before the strike and put forward a new deal direct to the workforce, warning that the plant might close permanently if it was rejected. Two-thirds of workers voted against accepting Ineos's proposal, which would have reduced pension, shift pay and redundancy entitlements in addition to a pay freeze. On 23 October Ineos announced the permanent closure of the petrochemical site at Grangemouth. [63] The next day the Unite union reversed its position and agreed to Ineos's proposals, which included an undertaking not to strike for three years. [64] Deans resigned from his job at Grangemouth on 28 October 2013 after Ineos presented its findings to his team. [65] [66] [67]

Criticism

In March 2016, Ineos's Port of Runcorn ChlorVinyls facility was found guilty of releasing caustic soda into the Manchester Ship Canal. The company was ordered to pay a fine of £166,650. [68]

In 2018, Ineos applied for a test core drilling for shale gas at Woodsetts (United Kingdom). It was met by protests of residents. [69] [70] New plans for drilling at Woodsetts and Harthill had been applied and eventually approved by the Planning Inspectorate. [71]

In January 2021, concerns were raised over Ineos's alleged poor environmental record after the University of Oxford accepted a £100 million donation from Ineos in order to establish the Ineos Oxford Institute for AMR Research. [72] [73] [74]

Sports

INEOS has invested in elite sport across football, running, rugby, cycling, sailing and Formula One. INEOS is owner of French Ligue 1 side OGC Nice and Swiss Super League side FC Lausanne-Sport. On February 21st 2024 Sir Jim Ratcliffe also completed the purchase of a 27.7% minority stake of Manchester United F.C which plays in the Premier League, which had been announced on Christmas Eve 2023 as being completed under a separate company known as Trawlers Ltd. [75] INEOS is Principal Partner and third equal owner of the Mercedes-AMG Petronas F1 Team. [76] INEOS fully funds the INEOS Grenadiers cycling team and INEOS Britannia, Challenger of Record at the 37th America's Cup. INEOS is Performance Partner to the All Blacks and New Zealand's Teams in Black and to Eliud Kipchoge and the NN Running Team. In October 2019, INEOS supported Eliud Kipchoge to break the elusive 2-hour marathon barrier with Kipchoge completing the feat in a time of 1:59.40.2.

Beyond elite sport, INEOS supports The Daily Mile Foundation — a running initiative for school children to get them moving for 15 minutes a day.

Charity

INEOS have invested in wide range of charitable projects in the fields of health, education, conservation and the community. In 2016, INEOS helped to establish The Daily Mile Foundation with former Headteacher Elaine Wyllie. The Daily Mile is a free initiative for primary schools, whereby all children participate in 15 minutes of daily physical activity outside in fresh air, to improve their health and wellbeing. In 2022, over 3 million children participated in 86 countries worldwide.

In January 2021, also in the field of public health, INEOS announced a donation of £100M [77] to establish the INEOS Oxford Institute for Antimicrobial Resistance (AMR) Research, to help tackle the threat of drug resistant infections worldwide.

INEOS Chairman, Sir Jim Ratcliffe also funds sustainable conservation through a fishing project in remote North East Iceland, seeking to reverse the decline of the wild North Atlantic salmon, and funds ecotourism and conservation work in Tanzania through a joint venture with Asilia Safaris.

Related Research Articles

<span class="mw-page-title-main">Grangemouth</span> Town in Scotland

Grangemouth is a town in the Falkirk council area, Scotland. Historically part of the county of Stirlingshire, the town lies in the Forth Valley, on the banks of the Firth of Forth, 3 miles (4.8 km) east of Falkirk, 5 miles (8.0 km) west of Bo'ness and 13 miles (20.9 km) south-east of Stirling. Grangemouth had a resident population of 17,906 according to the 2001 Census. Preliminary figures from the 2011 census reported the number as 17,373.

<span class="mw-page-title-main">PetroChina</span> Chinese oil producer

PetroChina Company Limited is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation (CNPC), headquartered in Dongcheng District, Beijing. The company is currently Asia's largest oil and gas producer. Traded in Hong Kong and New York, the mainland enterprise announced its plans to issue stock in Shanghai in November 2007, and subsequently entered the constituent of SSE 50 Index. In the 2020 Forbes Global 2000, PetroChina was ranked as the 32nd-largest public company in the world.

<span class="mw-page-title-main">Sinopec</span> Chinese oil and gas enterprise

China Petroleum and Chemical Corporation, or Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.

<span class="mw-page-title-main">LyondellBasell</span> Netherlands-incorporated chemical company

LyondellBasell Industries N.V. is an American multinational chemical company incorporated in the Netherlands with U.S. operations headquartered in Houston, Texas, and offices in London, UK. The company is the largest licensor of polyethylene and polypropylene technologies. It also produces ethylene, propylene, polyolefins, and oxyfuels.

<span class="mw-page-title-main">Stanlow Oil Refinery</span> English oil refinery

Stanlow Refinery is an oil refinery owned by Essar Energy in Ellesmere Port, North West England. Until 2011 it was owned by Shell UK. The refinery is situated on the south bank of the Manchester Ship Canal, which is used to transport seaborne oil for refining and chemicals for Essar and Shell.

<span class="mw-page-title-main">Teesport</span> Port in United Kingdom

Teesport is a large sea port located in the unitary authority of Redcar and Cleveland, in the ceremonial county of North Yorkshire, Northern England.

<span class="mw-page-title-main">Salt End</span> Hamlet in the East Riding of Yorkshire, England

Salt End or Saltend is a hamlet in the East Riding of Yorkshire, England, in an area known as Holderness. It is situated on the north bank of the Humber Estuary just outside the Hull eastern boundary on the A1033 road. It forms part of the civil parish of Preston.

<span class="mw-page-title-main">Jim Ratcliffe</span> British engineer and businessman (born 1952)

Sir James Arthur Ratcliffe is a British billionaire, chemical engineer, and businessman. Ratcliffe is the chairman and chief executive officer (CEO) of the INEOS chemicals group, which he founded in 1998. The company is estimated to have had a turnover of $65 billion in 2021. He does not have a high public profile, and was once described by The Sunday Times as "publicity shy". In May 2018, Ratcliffe was the richest person in the UK, with a net worth of £21.05 billion. As of May 2023, the Sunday Times Rich List 2023 estimated his net worth at £29.688 billion, making him the second wealthiest figure in the UK. In September 2020, Ratcliffe officially changed his tax residence from Hampshire to Monaco, a move that it is estimated will save him £4 billion in tax. In February 2024, Ratcliffe became a minority shareholder in the English football club Manchester United and gained control over sporting operations.

<span class="mw-page-title-main">Coryton Refinery</span> Oil refinery in Essex, England

Coryton Refinery was an oil refinery in Essex, England, on the estuary of the River Thames 28 miles (45 km) from central London, between Shell Haven Creek and Hole Haven Creek, which separates Canvey Island from the mainland.

<span class="mw-page-title-main">Forties pipeline system</span>

The Forties pipeline system (FPS) is a major pipeline transport network in the North Sea. It is owned and operated by Ineos and carries 30% of the UK's oil, or about 550 thousand barrels per day of oil per day, to shore. It carries liquids production from 85 fields in the North Sea and several Norwegian fields on behalf of around 40 companies. The system has a capacity of 575,000 barrels of oil a day.

<span class="mw-page-title-main">Fawley Refinery</span> Oil refinery in Hampshire, England

Fawley Refinery is an oil refinery located at Fawley, Hampshire, England. The refinery is owned by Esso Petroleum Company Limited, a subsidiary of Exxon Mobil Corporation, which acquired the site in 1925. Situated on Southampton Water, it was rebuilt and extended in 1951 and is now the largest oil refinery in the United Kingdom, and one of the most complex refineries in Europe. With a capacity of 270,000 barrels (43,000 m3) per day, Fawley provides 20 per cent of the UK's refinery capacity. Over 2,500 people are employed at the site.

<span class="mw-page-title-main">Grangemouth Refinery</span> Oil refinery complex located on the Firth of Forth in Grangemouth, Scotland

Grangemouth Refinery is an oil refinery complex located on the Firth of Forth in Grangemouth, Scotland, currently operated by Petroineos.

<span class="mw-page-title-main">BP</span> British multinational oil and gas company

BP p.l.c. is a British multinational oil and gas company headquartered in London, England. It is one of the oil and gas "supermajors" and one of the world's largest companies measured by revenues and profits. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading.

The 2009 Lindsey Oil Refinery strikes were a series of wildcat strikes that affected the energy industry in the United Kingdom in 2009. The action involved workers at around a dozen energy sites across the UK who walked out in support of other British workers at the Total's Lindsey Oil Refinery. The Lindsey Oil Refinery construction workers went on strike because employment was not offered to them on a £200 million construction contract to build a hydro desulphurisation unit at the site.

<span class="mw-page-title-main">OQ (company)</span> Omani energy company

OQ, formerly known as Oman Oil Company, is an energy investment company headquartered in Muscat, Oman. It is a wholly owned subsidiary of the Government of Oman through the Oman Investment Authority.

AzMeCo is a methanol production company located in Azerbaijan. The company is primarily focused on petrochemical projects, specifically the construction and operation of gas and methanol factories. AzMeCo also works on hydrocarbon projects in the Caspian Sea.

The Petrochemical Heritage Award was established in 1997, "to recognize individuals who made outstanding contributions to the petrochemical community." The award is intended to inspire achievement and to promote public understanding. The award winner is chosen annually by the Founders Club and the Science History Institute. The award is traditionally presented at the International Petrochemical Conference hosted by the American Fuel and Petrochemical Manufacturers (AFPM), formerly known as NPRA, the National Petrochemical & Refiners Association.

Petroleum refining in the United Kingdom produced around 61 million tonnes of petroleum products in 2015, down 19% from 2011. There are six major and one minor petroleum refinery in the downstream sector of the UK oil industry.

The chemical industry in the United Kingdom is one of the UK's main manufacturing industries. At one time, the UK's chemical industry was a world leader. The industry has also been environmentally damaging, and includes radioactive nuclear industries.

<span class="mw-page-title-main">Lavera Refinery</span> Oil refinery complex located on the Mediterranean Sea, near Marseilles, France

Lavéra Refinery is an oil refinery complex located 30 miles west of Marseilles, France, on the Mediterranean Sea. It is currently operated by Petroineos.

References

  1. ↑ "Ineos". Ineos . Retrieved 9 February 2021.
  2. ↑ Tullo, Aexander (26 July 2021). "C&EN's Global Top 50 chemical firms for 2021". Chemical & Engineering News . Retrieved 14 November 2021.
  3. ↑ "Our Businesses". Ineos. Retrieved 6 December 2023.
  4. ↑ Pfeifer, Sylvia (20 November 2014). "Jim D. Ratcliffe". Financial Times .
  5. ↑ Securities and Exchange Commission. "Form 20f". EDGAR. SEC. Retrieved 6 December 2023.
  6. 1 2 "Jim's a Leader in His Field". Inch. No. 4. Ineos AG. 2013.
  7. ↑ Marsh, Virginia; Rivlin, Richard (18 September 1999). "Ratcliffe in joint bid for ICI's acrylics arm". Financial Times . London, UK. p. 26.
  8. ↑ Jury, Jennifer (1 June 1998). "Murray Johnstone Backs Jim Ratcliffe in Ineos Buyout". UK Venture Capital Journal. p. 1.
  9. 1 2 Mortished, Carl (15 April 1998). "Inspec sells Antwerp to managers". The Times . London, UK. p. 25.
  10. 1 2 Taylor, Roger (15 April 1998). "Director to lead £84m buy-out of Inspec arm". Financial Times . London, UK. p. 25.
  11. ↑ "INEOS: Company Structure Information". ICIS. Archived from the original on 19 October 2013. Retrieved 23 August 2013.
  12. ↑ Clark, Michael (15 April 1998). "Finance sector leads index to another record high". The Times . London, UK. p. 26.
  13. ↑ Luce, Edward (29 April 1998). "EDC in $500m five-year deal". Financial Times . London, UK. p. 44.
  14. ↑ Dey, Iain (12 May 2013). "What Jim Ratcliffe did next". The Sunday Times. Archived from the original on 17 October 2013. Retrieved 23 August 2013.
  15. 1 2 Catan, Thomas (7 October 2005). "BP to sell Innovene to Ineos in $9bn deal". Financial Times. Retrieved 23 August 2013.
  16. ↑ "Lyondell Files for Bankruptcy". The New York Times. 6 January 2009.
  17. ↑ "PetroChina and INEOS announce plans for new trading and refining JV in Europe". INEOS Chlorvinyls. Archived from the original on 17 October 2013. Retrieved 23 August 2013.
  18. ↑ "BASF and INEOS sign joint venture contract for Styrolution". BASF. 31 May 2011. Archived from the original on 23 August 2013. Retrieved 23 August 2013.
  19. 1 2 "Solvay and INEOS join forces to create a world-class PVC producer". Solvay. 7 May 2013. Retrieved 23 August 2013.
  20. ↑ "European Commission approves joint venture for Lustran Polymers business". Lustran Polymers. 7 August 2007. Archived from the original on 5 November 2007.
  21. ↑ "Former Ineos Bio site purchased for conversion into eco-district | Biomass Magazine". biomassmagazine.com. Retrieved 24 December 2023.
  22. ↑ "Grangemouth dispute: Ineos says petrochemical plant will close". BBC News. 23 October 2013. Retrieved 23 October 2013.
  23. ↑ Fraser, Douglas (23 October 2013). "Q&A: Grangemouth – What now?". BBC News. Retrieved 23 October 2013.
  24. ↑ "INEOS completes construction of its new, state of the art Grangemouth Headquarters as part of its site rejuvenation plan". INEOS. Grangemouth. 6 September 2016. Retrieved 31 March 2017.
  25. ↑ "BP sells Forties North Sea pipeline to Ineos". BBC News. 3 April 2017. Retrieved 3 April 2017.
  26. ↑ "Ineos chooses Antwerp for €3bn petrochemical investment". Financial Times. 16 January 2019.
  27. ↑ Lingle, Rick (23 April 2020). "Dow and Ineos Make Hand Sanitizer to Fight COVID-19". Plastics Today. Retrieved 30 March 2020.
  28. ↑ "INEOS hand sanitiser factory up and running". The Engineer. 2 April 2020. Retrieved 2 April 2020.
  29. ↑ Hegarty, Stephanie (2 April 2020). "Coronavirus: Where has all the hand sanitiser gone?". BBC News. Retrieved 2 April 2020.
  30. ↑ Taboada, Jaime Llinares (29 June 2020). "BP sells petrochemicals unit to INEOS for $5B". MarketWatch . Retrieved 29 June 2020.
  31. ↑ "Ineos signs Belgian offshore wind power deal with Engie". Reuters. 22 September 2020. Retrieved 22 September 2020.
  32. ↑ Coughlan, Sean (19 January 2021). "Oxford research tackles threat of antibiotic resistance". BBC News . Retrieved 19 January 2021.
  33. ↑ "Ineos gives Oxford £100m to set up antibiotic research institute". Financial Times . 19 January 2021. Retrieved 19 January 2021.
  34. ↑ Rice, Liam (19 January 2021). "INEOS donates £100 million to new Oxford University institute". Oxford Mail . Retrieved 19 January 2021.
  35. ↑ Gosden, Emily. "Ineos buys Texas chemicals plant in $700m deal".
  36. 1 2 3 "INEOS is a world class producer of Petrochemicals and speciality chemicals". INEOS. 1 June 2007. Archived from the original on 3 August 2013. Retrieved 23 August 2013.
  37. ↑ "Florida Plant to Produce Advanced Ethanol". The Wall Street Journal. 31 July 2013. Retrieved 23 August 2013.
  38. ↑ "Big Cut in UK Firms' Carcinogenic Emissions". Environment News Service. 6 March 2002. Retrieved 23 August 2013.
  39. ↑ "Ineos to invest £640m in UK shale gas exploration". BBC News. 20 November 2014.
  40. ↑ "Fracking boss Jim Ratcliffe hits out at 'pathetic' government". BBC News. 1 May 2019.
  41. ↑ "Jim Ratcliffe's Ineos backs 'clean' hydrogen fund planning UK float". The Guardian. 5 July 2021. Retrieved 7 July 2021.
  42. ↑ "PetroChina completes $1bn Ineos deal". The Daily Telegraph. London, UK. 4 July 2011. Retrieved 23 August 2013.
  43. ↑ Song Yen Ling (21 October 2013). "China abandons downstream investments on poor returns". S&P Global Platts .
  44. ↑ Burns, Hamish (28 May 2020). "Sturgeon urged to block government bailout for Grangemouth operator Petroineos". The Insider. Retrieved 28 May 2020.
  45. ↑ Kleinman, Mark (12 May 2020). "Coronavirus: Ineos tycoon's venture seeks government loan". Sky News. Retrieved 29 May 2020.
  46. ↑ "Grangemouth oil refinery due to cease operations by 2025". BBC News. 22 November 2023. Retrieved 22 November 2023.
  47. ↑ "News: CCMP Completes Investment In PQ Corporation". CCMP Capital. 29 December 2014. Archived from the original on 6 August 2016.
  48. ↑ Kendix, Max. "Ineos lands US chemical factory in $490m deal".
  49. ↑ Vijayenthiran, Viknesh (19 September 2017). "Unofficial Land Rover Defender successor gets a name". Motor Authority. Retrieved 20 September 2019.
  50. ↑ Overland, Colin (18 September 2019). "Ineos Grenadier: Brit-built 'spiritual heir' to old Defender arrives 2021". Car Magazine . Retrieved 20 September 2019.
  51. ↑ "New 2022 Ineos Grenadier 4x4 interior revealed with focus on practicality". Auto Express. Retrieved 7 July 2021.
  52. ↑ Neate, Rupert (8 December 2020). "Ineos boss opts to build 'British' heir to Land Rover Defender in France". The Guardian. ISSN   0261-3077 . Retrieved 8 December 2020.
  53. ↑ "Sir Jim Ratcliffe confirms new vehicle to be made in France". BBC News. 8 December 2020. Retrieved 10 December 2020.
  54. 1 2 Doward, Jamie; Hinsliff, Gaby; Campbell, Denis (27 April 2008). "Drivers are told not to panic buy as strike at oil refinery starts to bite". The Observer . p. 5.
  55. 1 2 3 Hutcheon, Paul (28 July 2013). "Trade union threatened to shut Grangemouth refinery over Falkirk chairman's suspension". Sunday Herald .
  56. ↑ King, YaShekia (19 August 2011). "INEOS Financing on Bioenergy Plant Will Create Almost 400 Jobs". U.S. Green Technology. Retrieved 23 August 2013.
  57. ↑ Osbourne, Alistair (6 September 2013). "Britain is not an attractive place to manufacture, says Ineos chief Jim Ratcliffe". The Daily Telegraph.
  58. ↑ "Falkirk row: Unite union vindicated, says Len McCluskey". BBC News. 8 September 2013.
  59. ↑ "Labour: Falkirk Candidate Karie Murphy Quits". Sky News. 6 September 2013.
  60. 1 2 "Old wound threatens to reopen at Grangemouth". Financial Times.
  61. 1 2 "Grangemouth dispute: The key players". BBC News. 23 October 2013.
  62. ↑ Barnes, Eddie (24 October 2013). "Grangemouth: How downfall began with bar-room brawl". The Scotsman .
  63. ↑ "Grangemouth: timeline of the dispute". The Daily Telegraph. 23 October 2013.
  64. ↑ "Grangemouth dispute: Hopes rise after Unite accepts survival plan". BBC News. 24 October 2013.
  65. ↑ Farrell, Sean; Syal, Rajeev (28 October 2013). "Grangemouth Unite official quits before he gets the boot". The Guardian.
  66. ↑ "Unite official Stevie Deans resigns from Grangemouth role". The Courier. 28 October 2013. Archived from the original on 31 October 2013.
  67. ↑ Scottish Television News, 28 October 2013
  68. ↑ "Runcorn chemical giant loses appeal over chemical spill fine". Liverpool Echo . 4 March 2016. Retrieved 20 March 2016.
  69. ↑ Hayhurst, Ruth (11 June 2019). "Shale gas opponents protest outside inquiry at Ineos drilling plans". DrillOrDrop.com.
  70. ↑ "INEOS Shale disappointed by council's decision on Woodsetts". INEOS Shale. 8 March 2018.
  71. ↑ "New INEOS plans for Woodsetts and Harthill drilling approved". Woodsetts Against Fracking. 7 June 2018.
  72. ↑ "Just what was it exactly that Oxford University saw in the billionaire boss of Ineos? | Catherine Bennett". the Guardian. 24 January 2021. Retrieved 2 November 2021.
  73. ↑ "Oxford University received £112m from fossil fuel industry". BBC News. 21 April 2021. Retrieved 2 November 2021.
  74. ↑ "Oxford University under fire for 'toxic' links with big oil corporations". Oxford Mail. March 2021. Retrieved 2 November 2021.
  75. ↑ "Jim Ratcliffe's tough experience at Nice offers lessons for Manchester United". Financial Times. 27 December 2020. Retrieved 27 December 2023.
  76. ↑ "Ineos buys one third of Mercedes F1 team, Toto Wolff to stay in charge". ESPN . 18 December 2020.
  77. ↑ "£100 million donation from Ineos to create new institute to fight antimicrobial resistance". University of Oxford. 19 January 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.