Brexiteer Jim Radcliffe announces £1bn oil and gas infrastructure investment

Ineos has announced a £1bn oil and gas infrastructure investment which will include an upgrade of the North Sea pipeline system and a new refinery at Grangemouth, owner Jim Ratcliffe has announced.

Ratcliffe, a vocal supporter of Brexit, said it showed his company had "confidence" in Britain.

The investment will see a £350m energy plant at Scotland's Grangemouth oil refinery site, which it already owns, as well as a £150m chemicals plant in Hull.

The company says the investment will extend the life of the Forties Pipeline System (FPS), which transports 40 per cent of North Sea oil and gas, by 20 years and make Grangemouth "more reliable and energy efficient". 

However, the investment in oil and gas comes at a time when Scotland is committed to cutting its reliance on fossil fuels.

Ratcliffe, the UK's richest man, said: "At an uncertain moment for the country, Ineos has confidence in its businesses and is committed to continue investing in manufacturing and high-skilled jobs in the UK."

Andrew Gardner, chief executive of Ineos FPS, said: “North Sea oil and gas producers are telling us that they want to be in the North Sea well into the 2040s, so we are making this commitment to be there with them.

“Following acquisition of FPS in 2017, we are now embarking on a period of investment that will guarantee that the system can support them for decades to come.”

Ratcliffe previously threatened to withdraw from scotland after Ineos unsuccessfully sought permission to frack for shale gas in central Scotland and has attacked the UK Government for "unworkable" thresholds of seismic tremors needed to halt production.

Recent media reports have suggested he plans to become a tax exile.