Ineos ploughs $2bn into Saudi petrochemical complex

Petrochemical company Ineos, owned and controlled by British billionaire Jim Ratcliffe, has announced plans to construct three chemical plants in the Kingdom of Saudi Arabia, a first in the Middle East for the chemical firm.

Ineos will construct the facilities at a large petrochemicals complex currently being developed in the Kingdom.

The news is the latest from Ineos following a long line of large projects that have been announced including expansion into China, a move towards becoming a major player in oil and gas, and entering the automobile market with a 4x4 off-road vehicle.

Ineos director, Tom Crotty, said that the Saudi investment fit well into the company's strategy of going more global.

“Our footprint has traditionally been in Europe and North America. Two areas we don’t (have a presence in) and are looking to build in are China and the Middle East. That helps to spread risk,” Crotty said.

Founded in 1998, Ineos has grown through acquisitions to become one of the largest producers of chemicals.

Ineos has already signed memorandums of understanding with the state-owned Saudi Aramco and French energy giant Total, both of whom are operating the vast $5-billion Amiral petrochemicals project. The two companies will provide feedstock to the new Ineos plant.

“The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total. We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom,” said Jim Ratcliffe, chairman of INEOS, in a statement.

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