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Before this week's £50m state rescue package for its Grangemouth facility, industrial firms under the ownership of billionaire Jim Ratcliffe had already been granted up to £70m in UK state aid during the previous four-year period.

Latest Revelations and Financial Support

According to government disclosures published recently, public funding to the Ineos group in the last year alone ranged from £16m and £38m. From August 2022 onwards, the company has obtained a total of £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to prop up its Scottish ethylene plant, concerned that otherwise the UK would lose its last remaining facility producing ethylene—a vital feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos pledged to invest £30m of its own funds.

Plant Closure and Broader Context

This support comes after Ineos shut down the adjacent oil refinery in late 2024, costing 400 jobs—a move described as a huge blow to the area and a challenge for the government.

Ratcliffe, who is worth $14.5bn, is understood to have asked for government assistance in October. This appeal comes at a time when 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 growing unease over its ability to manage debt, the credit rating agency lowered Ineos's debt rating in September. Ratcliffe has also had to commit significant funds into his off-road vehicle venture and efforts to revitalise the football club, in which he holds a minority stake.

Nature of Aid and Company Statements

The majority of the earlier government support was delivered in the form of tax breaks in exchange for “voluntary agreements to curb consumption and CO2 output.” The value of these relief schemes for Ineos's plants in Grangemouth and Hull were given as estimates rather than exact amounts.

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

While Ratcliffe publicly welcomed the £50m support in an announcement, Ineos separately issued more critical comments. In these, the billionaire strongly criticised government policy, specifically carbon taxes levied on industrial users.

“The solution is not decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will continue to decline. High energy costs and burdensome carbon levies are driving industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe labelled carbon taxes as “an extremely foolish levy in the world,” arguing they put UK plants at a disadvantage against foreign rivals. Currently, most chemicals and plastics are not covered from the UK's initial carbon import tax.

Future Environmental Pledges

The Ineos representative added: “Ineos has invested over £400m at Grangemouth in the last five years to keep it as one of the most productive chemical plants in Europe and to safeguard skilled jobs. The UK chemicals sector has had a brutal year, yet everyone relies on this industry every day. If we don't produce these critical products in the UK, they are brought in from overseas, often from higher-carbon production abroad.”

Colin Pritchard, head of sustainability for the company's Olefins & Polymers division, indicated the Grangemouth money would be used to enhance energy efficiency, cut carbon emissions, and upgrade overall performance.

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

It has also been reported that Ineos has previously received significant tax breaks from the EU, worth hundreds of millions of euros—notably while Ratcliffe was a prominent backer of the campaign for the UK to exit the European Union.