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Before this week's £50m government bailout for its Scottish plant, industrial firms controlled by tycoon Sir Jim Ratcliffe were already awarded up to £70m in UK state aid during the previous four-year period.

Recent Disclosures and Financial Support

Based on government disclosures published recently, state aid to Ratcliffe's chemical empire in the most recent year was between £16m and £38m. Since August 2022, the conglomerate has obtained between £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to prop up its Scottish ethylene plant, concerned that without it the UK would lose its sole facility producing ethylene—a vital raw material for plastics. The government also backed a £75m credit guarantee, while Ineos committed to invest £30m of its own funds.

Plant Closure and Broader Context

This support comes following Ineos shut down the neighbouring oil refinery in late 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the area and a challenge for the government.

The billionaire, with an estimated net worth of $14.5bn, reportedly requested government help in October. The request comes at a time when the expansive Ineos group, under the control of the 73-year-old, has faced 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 financial health, the credit rating agency downgraded Ineos's debt rating in September. Ratcliffe has also had to commit significant funds into his Ineos Grenadier automotive project and efforts to revitalise Manchester United, in which he holds a minority stake.

Nature of Aid and Company Statements

Most the earlier government support came in the form of tax relief in return for “voluntary agreements to reduce energy use and CO2 output.” The value of these relief schemes for Ineos's sites in Grangemouth and Hull are reported as ranges rather than precise figures.

An Ineos spokesperson stated the aid did not constitute “special treatment” for the company, but was “granted based on strict criteria, and available to any UK business that qualifies.”

While Ratcliffe thanked the government for the £50m support in an announcement, Ineos also released sharper remarks. In these, the industrialist launched a broadside against government policy, specifically carbon taxes levied on industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will falter. High energy costs and punitive carbon charges are pushing industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe labelled carbon taxes as “the most idiotic tax in the world,” contending they place UK plants at a disadvantage against international competitors. Currently, most chemicals and plastics are excluded from the UK's initial carbon border adjustment mechanism.

Future Sustainability Claims

The Ineos spokesperson 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. British industry has had a very difficult 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, reduce carbon emissions, and upgrade overall performance.

He explained the site, which uses an processing unit utilising North Sea gas and imported liquefied petroleum gas, had been under “extreme pressure” from surging energy costs and the UK's carbon taxes.

It has also been reported that Ineos has in the past obtained substantial tax breaks from the EU, worth hundreds of millions of euros—notably while Ratcliffe was a leading supporter of the campaign for the UK to exit the European Union.