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Before this week's £50m state rescue package for its Scottish plant, chemical companies under the ownership of billionaire Jim Ratcliffe had already been granted up to £70m in British government support during the previous four-year period.

Recent Disclosures and Financial Support

According to official data released this week, state aid to Ratcliffe's chemical empire in the most recent year was between £16m and £38m. From August 2022 onwards, the conglomerate has obtained between £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to support its Grangemouth operations, fearing that without it the UK would cease to have its last remaining facility producing ethylene—a critical raw material for plastics. The government also backed a £75m loan guarantee, while Ineos pledged to invest £30m of its own funds.

Plant Closure and Broader Context

This support arrives following Ineos shut down the adjacent oil refinery in late 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the local community and a challenge for the government.

The billionaire, with an estimated net worth of $14.5bn, is understood to have asked for government assistance in October. The request coincides with the expansive Ineos group, controlled by the 73-year-old, has been under significant financial pressure, in part due to sharply increased energy costs following Russia's 2022 invasion of Ukraine.

In a sign of increasing concern over its ability to manage debt, Fitch Ratings downgraded Ineos's credit rating in September. Ratcliffe has also been required to invest significant funds into his off-road vehicle venture and the turnaround of the football club, in which he holds a partial ownership.

Form of Support and Official Responses

The majority of the previous state aid was delivered in the form of tax relief in return for “commitments to reduce energy use and CO2 output.” The value of these relief schemes for Ineos's plants in Grangemouth and Hull were given as estimates rather than precise figures.

An Ineos spokesperson said the aid did not represent “favourable terms” for the company, but was “awarded against strict criteria, and open to any UK business that meets the requirements.”

Although Ratcliffe publicly welcomed the £50m support in an announcement, Ineos separately issued more critical comments. In these, the industrialist launched a broadside against government policy, including carbon taxes paid by industrial users.

“The solution is not decarbonisation by deindustrialisation,” he stated. “Lacking a robust manufacturing base, the economy will falter. High energy costs and burdensome carbon levies are pushing industry out of the UK at an unsustainable pace.”

Speaking elsewhere, Ratcliffe described carbon taxes as “an extremely foolish levy in the world,” arguing they place UK plants at a disadvantage against foreign rivals. Currently, most chemicals and plastics are not covered from the UK's planned carbon border adjustment mechanism.

Investment and Environmental Pledges

The Ineos spokesperson further stated: “Ineos has invested over £400m at Grangemouth in the last five years to maintain its status as one of the most efficient chemical plants in Europe and to protect skilled jobs. British industry has had a very difficult year, yet society depends on this industry every day. If we don't produce these critical products in the UK, they are brought in from overseas, often from more polluting operations abroad.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, said the Grangemouth money would be used to improve energy efficiency, cut carbon emissions, and boost overall performance.

He noted the site, which uses an ethylene cracker utilising North Sea gas and US-sourced liquefied petroleum gas, had been under “intense strain” from surging energy costs and the UK's carbon taxes.

Records show that Ineos has previously received substantial tax breaks from the EU, worth hundreds of millions of euros—interestingly while Ratcliffe was a prominent backer of the campaign for the UK to exit the European Union.