Jim Ratcliffe

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Jim Ratcliffe

Credentials

  • According to his profile at INEOS, Jim Ratcliffe began his career with Exxon Chemicals where he completed his MBA at London Business School.1โ€œCompany,โ€ INEOS. Accessed December 27, 2018. Archive.fo URL: https://archive.fo/unrWV

Background

Jim Ratcliffe is chairman, co-founder, and majority owner of US petrochemical giant INEOS.2โ€œCompany,โ€ INEOS. Accessed December 27, 2018. Archive.fo URL: https://archive.fo/unrWV

He has described shale gas as a โ€œsaviourโ€œ of the UK economy. He is known for his aggressive pursuit of industrial assets in the UK, including the Grangemouth petrochemical plant and refinery, Forties pipeline, and fracking licenses.3Greg Russell. โ€œIneos chief Jim Ratcliffe says shale gas could be the saviour of the UK economy,โ€ The National, September 27, 2016. Archived December 27, 2018. Archive.fo URL: https://archive.fo/j5jDC 4โ€œAbout: Grangemouth,โ€ INEOS. Accessed December 27, 2018. Archive.fo URL: https://archive.fo/vwPh9 5(Press Release). โ€œBP to sell Forties Pipeline System to INEOS,โ€ BP, April 3, 2017. Archived June 9, 2017. Archive.fo URL: https://archive.fo/leGYQ 6INEOS Shale homepage. Accessed December 27, 2018. Archive.fo URL: https://archive.fo/1G5mV

Ratcliffe confessed to moving his operations to the tax-haven of Geneva, Switzerland, with some parts of INEOSโ€™ business now returned to the UK.7Tracey Boles. โ€œIneos billionaire Ratcliffe comes home after Swiss tax exile,โ€ CityA.M.. July 17, 2016. Archived December 27, 2018. Archive.fo URL: https://archive.fo/4wlkE

He forced the closure of the Grangemouth refinery in 2013 after a dispute with trade unions over working conditions and pension payments.8โ€œGrangemouth dispute: Ineos says petrochemical plant will close,โ€ BBC News, October 23, 2013. Archived December 27, 2018. Archive.fo URL: https://archive.fo/QNuUU

Stance on Climate Change

While Ratcliffe does not appear to have released an official statement on climate change, Daily Mail reported in 2015 that he was building a new โ€œclimate change proofโ€ ยฃ4 million beachfront mansion in the UK.9Darren Boyle. โ€œBillionaire plans to fit new ยฃ4million mansion with hydraulic stilts that will keep it safe from rising sea levelsโ€ฆ and it heats itself using the OUTSIDE AIR in temperatures as low as -25C,โ€ Daily Mail, April 18, 2015. Archive.fo URL: https://archive.fo/XPQpm

INEOS has come under fire for its carbon footprint, which it has historically refused to disclose, while some have suggested the group may be one of Britain’s largest polluters.10โ€œINEOS under fire for its carbon footprint,โ€ Southern Daily Echo, September 26, 2007. Archived December 27, 2018. Archive.fo URL: https://archive.fo/PnSNX

โ€œIt seems reasonable to assume that INEOS’ emissions amount to millions, if not tens of millions of CO2 every year,โ€ a Christian Aid spokesman said.

โ€œYet despite the company’s vast scale, it manages to keep an extremely low profile, releasing only snippets of information about its emissions of greenhouse gases.

โ€œThe fondness for a low profile is shared by majority shareholder Jim Ratcliffe, Britain’s tenth richest man with an estimated personal fortune of ยฃ3.โ€

Documents released under a freedom of information act request revealed INEOS was also leading a push to use Brexit as an opportunity to exempt the chemical sector entirely from climate change policy costs, The Guardian reported.11โ€œFracking firm Ineos leads industry lobbying to avoid green tax,โ€ The Guardian, April 3, 2017. Archived December 27, 2018. Archive.fo URL: https://archive.fo/mK299

Key Quotes

March 16, 2017

On hearing that Ratcliffeโ€™s INEOS was set to purchase the Forties pipeline from BP, an industry insider told Scotlandโ€™s Daily Record:12Annie Brown and Charlie Gall. โ€œFury at billionaire Jim Ratcliffe ‘bringing North Sea oil and gas pipelines under his control‘,โ€ Daily Record. March 16, 2017. Archived December 27, 2018. Archive.fo URL: https://archive.fo/rBnnx

โ€œHoly sh*t. This would be like giving a monkey a machete [โ€ฆ] Letting Jim Ratcliffe loose on all the operators who feed into that pipeline is a dangerous, dangerous ploy.โ€

September 27, 2016

Ratcliffe was quoted in an article at The National, a Scottish paper, where he blamed a โ€œvocal minorityโ€ for opposing shale gas and described it as a โ€œsaviorโ€ for the UK economy:13Greg Russell. โ€œIneos chief Jim Ratcliffe says shale gas could be the saviour of the UK economy,โ€ The National, September 27, 2016. Archived December 27, 2018. Archive.fo URL: https://archive.fo/j5jDC

โ€œThereโ€™s no science behind the arguments the vocal minority are making,โ€ Ratcliffe claimed. โ€œAmerica is much more regulated than the UK and theyโ€™ve drilled a million wells and itโ€™s been very successful, theyโ€™re not polluting things and I donโ€™t understand it other than the vocal minority makes more noise than the majority who are in favour of shale in every survey that we do.โ€

September 12, 2015

โ€œYou canโ€™t have an energy policy that means you can only have a bath when the wind blows, Ratcliffe said in an interview with The Guardian/The Observer.14David Hellier. โ€œJim Ratcliffe: โ€˜Fracking can be done safely. A lot of opposition is based on hearsayโ€™,โ€ The Guardian, September 12, 2015. Archived December 27, 2018. Archive.fo URL: https://archive.fo/l7Pyl

With regards to fracking, Ratcliffe added:

โ€œI think a lot of opposition is based on hearsay and rumour. In the US they have drilled one million wells and not had an environmental incident for six years.โ€

November 2013

Ratcliffe wrote a comment piece for the Daily Telegraph reflecting on the Grangemouth industrial dispute, in which he says of trade unions:15โ€œJim Ratcliffe: My battle with the union and why we trail behind Germany,โ€ The Telegraph, November 3, 2013. Archived December 27, 2018. Archive.fo URL: https://archive.fo/vUvdW

โ€œIt is misplaced for unions in Britain to think that we are the enemy. We are not. It is not necessary, nor appropriate, to sow dissent and misrepresent employees or constantly to threaten industrial action. It is wrong for โ€œbrothers and sistersโ€ letters (this is how missives from the union to members on site are addressed) to describe doubters or anyone who deigns to cross the union as scabs. It also has the hallmarks of bullying. Not only is it wrong but it is also intimidating, and designed to suppress alternative views โ€“ an attitude that runs absolutely counter to the values of society today, in which freedom of speech is cherished.โ€

Key Deeds

September 25, 2020

Ratcliffe officially relocated to Monaco, Bloomberg reported, where residents are not obligated to pay income or capital gains taxes. He had originally considered moving the location of INEOS abroad after a tax disagreement with the British government.16Benjamin Stupples, U.K.โ€™s Richest Man Jim Ratcliffe Surfaces as Monaco Resident, September 25, 2020. Archived September 28, 2020. Archive URL: https://archive.vn/F1dJv

February 13, 2019

Ratcliffe wrote to the president of the European Commission, Jean-Claude Juncker, calling EU energy policies โ€œstupidโ€ and claiming that high green taxes were making Europe uncompetitive.17Emily Gosden. โ€œIneos boss attacks โ€˜stupidโ€™ European policies on energy,โ€ The Times, February 13, 2019. Archive.fo URL: http://archive.fo/ODsM9. Archived .pdf on file at DeSmog.

February 4, 2019

Ratcliffe called on the government to relax regulations on earth tremors caused by fracking or ban the extraction method altogether, the Independent reported. He referred to the regulatory environment in the US where earthquakes of up to 4.0 on the Richter scale are permitted.18Ben Chapman. โ€œFracking must be banned unless government relaxes earthquake limits on process, UK’s richest man says,โ€ Independent, 4 February, 2019. Archived February 6, 2019. Archive.fo URL: http://archive.fo/lpfso

July 2017

INEOS successfully obtained a temporary national injunction against all anti-fracking protests to its activities. INEOS has licenses to explore for shale gas across the largest area of any company in the UK.19Kyla Mandel. โ€œGrowing Number of Restrictions Placed by Police, Councils on Anti-Fracking Protests,โ€ DeSmog, September 11, 2017.

April 2015

Ratcliffe met with Scotlandโ€™s first minister, Nicola Sturgeon, on the same day the Scottish government announced a moratorium on fracking.20Kyla Mandel. โ€œWhy Did Scotlandโ€™s First Minister Meet with Pro-Fracking Firm Ineos the Same Day Scotland Announced a Moratorium?โ€œ DeSmog, April 10, 2015.

October 2013

Ratcliffe forced the closure of the Grangemouth refinery during an industrial dispute. INEOS said it would consider whether to reopen the plant once the โ€œthreat of strike actionโ€ had been removed.21โ€œGrangemouth dispute: Ineos says petrochemical plant will close,โ€ BBC News, October 23, 2013. Archived December 27, 2018. Archive.fo URL: https://archive.fo/QNuUU

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