British energy company Ineos invested $2 Billion in the construction of its first plant in Saudi Arabia. There follows an agreement with British oil company French energy group, Total and Saudi Aramco.
Ineos said the facility would create chemicals for industrial segments such as the electronics, aerospace, and automotive industries. President Sir Jim Ratcliffe, Britain’s third-richest man, called it an important milestone for our first investment in the Middle East.
“We bring advanced technology downstream that adds value and creates new jobs in the Kingdom.”
As part of the agreement, Ineos will develop three chemical plants in Jubail 2, a $5 Billion petrochemical complex, managed by Total and Saudi Aramco. The factories, whose production will begin in 2025, would give it better access to markets in Asia and the Middle East. It follows the company’s recent investments in the United States, China, and Belgium. Ineos has also conducted exploratory break tests in Britain but recently complained that strict regulations left the companies on shaky ground.
In May, the pro-Brexit businessman also discarded reports that he had left the UK to move to Monaco for tax purposes. The billionaire said that Ineos has invested 2.5 billion pounds in the UK over the past 20 years and never made a penny of UK profits.
“I made a lot of money in the United States, Germany, and Belgium, but I have to live there? It’s my private business,” he told.
Earlier in the news of Ineos, the energy company lost a deal of North Sea Fields against the Israeli energy giant, Delek. The deal was closed at $2 Billion with Chevron, the US giant. The Israeli Billionaire, Yitzhak Tshuva deployed its North Sea subsidiary named Ithaca Energy to take over the chevrons portfolio.