Ineos, Mr. Ratcliffe’s company, is all set to spend a massive amount of 500 million pounds on overhauling pipeline system called the Forties. This pipeline connects most of the UK and is responsible to transport 40% of North Sea oil and gas in the UK.
The company is also going to build a 350 million pound’s energy generation plant which they are planning to establish on Scotland’s Grangemouth oil refinery.
The company already owns the site they are ready to work on. Other than this site, the company also owns a chemical plant in Hull. The estimated worth of this plant is around 150 million pounds.
According to reports by media, Mr. Ratcliffe has said that he is planning to become a tax exile in Monaco and is working in order to achieve the same.
A media report claimed that Mr. Ratcliffe and two of his key executives in joint have saved around 4 billion pounds just by leaving the UK in term of taxes. The report came out earlier this month.
This is not the first time the company is moving. This has happened before in order to save taxes and it is happening again. In the year 2010, the company moved its base from the UK to Lausanne in Switzerland. But then due to some reasons, they moved to the UK again in 2016.
Mr. Ratcliffe said that the company is planning to invest because the program will ensure that the assets in the UK will continue to be a world-class property for many years to come.
He added, “As the country is facing an uncertain moment, the investment done by Ineos will bring better job opportunities for the people in the country.”
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