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Brexit-backing fracking tycoon Jim Ratcliffe becomes Britain’s richest man

Jim Ratcliffe
Jim Ratcliffe, on the firm’s new London Headquarters.

Jim Ratcliffe, the founding father of power and petrochemicals big Ineos, who was raised in council home the north of England, is the UK’s wealthiest individual, based on the Sunday Occasions 2018 wealthy record.

The 65-year-old tycoon, who’s a marathon runner and Manchester United fan, overtakes the Indian-born Hinduja brothers, Sri and Gopi, value £20.64bn, to take the highest slot on the record with fortune of £21 bn and alter, due to a £15bn revaluation of his belongings.

The grammar faculty educated the son of a joiner, Ratcliffe, via a mixture of acquisitions and enlargement initiatives, has remodeled Ineos from being a serious participant within the petrochemicals panorama to an built-in oil and gasoline firm that is among the many UK’s high ten hydrocarbon producers, and the most important but in non-public palms.

It is also main the hunt to frack shale gasoline within the UK and at present holds dozens of exploration licences that grant it entry to 1 million acres of land.

In 2016, the corporate unveiled an audacious transfer to bring US shale gas to power its European petrochemical plants thereby lowering prices and bettering working efficiencies, and is at present busy transport shale gasoline to China.

Straying properly past the power and petrochemicals panorama, to an eclectic mixture of belongings in latest occasions have seen Ratcliffe buy Swiss football club Lausanne-Sport and bike put on model Belstaff.

In February 2017, Ratcliffe introduced that Ineos would make investments “many lots of of hundreds of thousands” to produce an “uncompromising” off-roader 4X4 sport utility vehicle, following Jaguar Land Rover’s choice to stop manufacturing of its iconic Land Rover Defender; a car the tycoon likes to drive.

A distinguished Brexiteer, in 2015, he stated the UK may thrive exterior the European Union, the BBC reported. “The Brits are completely able to managing the Brits and do not want Brussels telling them the best way to handle issues,” he stated.

“I simply do not consider within the idea of a United States of Europe. It is not viable.”

in 2016, Ratcliffe moved his company headquarters back to the UK from Switzerland, placing his religion in a post-Brexit economic system.

Chatting with IBTimes UK on the time, Ratcliffe stated: “My confidence within the UK has not diminished following the 23 June vote in favour of Brexit. Fairly the opposite, I really feel the local weather for development and enterprise could be very beneficial. Ineos will proceed to develop each within the UK and worldwide. Britain is an efficient location to make sure each of those objectives.”

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