The UK company's Arabian venture follows a record £3.7bn spent on a new Belgian plant as well as investments across the UK.
The petrochemical company founded by Britain's richest man Sir Jim Ratcliffe has said it will buy a £1.6bn stake in a plant complex in Saudi Arabia.
Ineos will build three plants that will form part of a $5bn petrochemical complex being developed by state-owned Saudi Aramco and France's Total. Ineos said on Monday that the Saudi location would give the company access to competitive raw materials and energy, as well as infrastructure, that would help it better serve customers directly in the Middle East and across Asian markets.Saudi Aramco is the world's largest oil company - and the world's most profitable company altogether, according to Forbes magazine.
Ineos chairman Sir Jim Ratcliffe said in a statement:"The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total."We are bringing advanced downstream technology which will add value and create further jobs in the Kingdom."
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TV chef plastic campaign 'pathetic'An Ineos director hits back against Hugh Fearnley-Whittingstall's criticism of plastic on Scottish beaches.
Read more »
Insurers pay out a car theft claim every eight minutes as keyless break-ins continue to riseUK DRIVERS receive a payout for car theft every eight minutes as insurers are forced to cover the cost of the rising crime rate. Almost £1.2million was paid out each day by insurance companies deal…
Read more »
Stansted airport 'worst for delays'The airport blames 'adverse weather and air traffic control issues' for its 25-minute average delay.
Read more »
Man 'who has never been to UK' convicted of driving offence - in LincolnEdmunds Brikainis, from Latvia, was also listed as the owner of two firms on Companies House, despite having no knowledge of the businesses
Read more »
Revealed: The worst UK airports for flight delays'It's completely unacceptable for passengers to be regularly delayed by nearly half an hour,' consumer group Which? says.
Read more »
Treated like trash: south-east Asia vows to return mountains of rubbish from westRegion begins push back against deluge of plastic and electronic waste from UK, US and Australia
Read more »
Why Change UK did so badly in the European electionsPolitics Explained: The new party won just 3.4 per cent of the vote and failed to gain a single MEP
Read more »
Gove pledges to offer three million EU nationals free British citizenshipEnvironment minister makes pledge to offer UK passports to millions should he become prime minister
Read more »
Michael Gove to pledge free UK citizenship for 3m EU nationalsTory leadership candidate also plans to abolish need to prove settled status if he becomes PM
Read more »
Stansted Airport ranked the worst airport in the UK for flight delaysLONDON Stansted was the worst airport in the UK for delayed flights last year, according to a new investigation. Flights leaving the Essex airport were late by 25 minutes on average in 2018. The Ci…
Read more »
European elections 2019 results: When do we find out in the UK and how can I watch live results?THE 2019 European Elections saw the Tories and Labour suffer a humiliating defeat. We tell you which party won the most seats and how the electoral system works. Who won the most UK seats? Nigel Fa…
Read more »