UK Petrochemical Company INEOS will Invest $2bn to Build Three Plants in Saudi Arabia

INEOS, one of the world’s largest chemical producers and oil and gas companies, is a privately owned company based in London.

“On top of a combined $4bn investment recently announced in the UK and Europe, this is part of a wider Group strategy of globalisation that will stimulate growth and jobs worldwide,” the company said on Twitter.

INEOS will construct the facilities at “a vast petrochemicals complex being developed in the oil-rich kingdom,” the London-based Financial Times reported. Ineos’s three plants will form part of a $5 billion petrochemical complex being developed by state-owned Saudi Aramco and France’s Total.

The petrochemical company is controlled by Britain’s richest man, Sir Jim Ratcliffe.

According to the FT, Tom Crotty, a director at Ineos, said the investment fitted into the company’s strategy of becoming more global. “Our footprint has traditionally been in Europe and North America. Two areas we don’t [have a presence in] and are looking to build in are China and the Middle East. That helps to spread risk,” he said.