Overview
- Executive chairman Brian Gilvary confirmed the company has stopped investing in Britain and will shift about £3 billion of planned capital to the United States.
- Ineos cites an unstable fiscal regime, windfall and carbon-related levies, and high energy costs as the key reasons undermining UK competitiveness.
- The move follows this year’s closure of the Grangemouth oil refinery in Scotland with roughly 400–430 job losses, and the firm warns its nearby olefins and polymers plant is at risk.
- The UK Treasury responded that oil and gas will be needed for decades and said it will manage a balanced transition that supports jobs and communities.
- Ineos has expanded in the US with Gulf of Mexico oil and gas purchases and a $700 million oxide business acquisition, as the group contends with a 2024 loss, a suspended dividend, and negative outlooks from Fitch and Moody’s.